Japan to cut discretionary spending by 10 pct in FY 2016 budget: source
[TOKYO] Japan's government will cut discretionary spending in the fiscal 2016 budget by 10 percent as part of its efforts to improve public finances, a government source said on Wednesday.
The government has set aside 14.7 trillion yen in the fiscal 2015 budget for discretionary spending - which includes public works and money for economic policy measures - and 10 percent reduction would reduce it to 13.2 trillion yen.
The government also plans to earmark 30 percent of its 2016 budget, or 4 trillion yen, for spending on growth policy measures, the government source said.
The government also plans to cap gains in welfare spending at 670.0 billion yen, the source said.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Outgoing Singapore, Indonesia leaders to hold their final retreat in Bogor on Apr 29
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall