The Japanese government on Monday approved a record 106.61 trillion yen ($1.03 trillion) draft budget for fiscal 2021 that includes expanded spending on measures against COVID-19 and defense, media reported
TOKYO (Pakistan Point News / Sputnik - 21st December, 2020) The Japanese government on Monday approved a record 106.61 trillion Yen ($1.03 trillion) draft budget for fiscal 2021 that includes expanded spending on measures against COVID-19 and defense, media reported.
According to Kyodo news agency, Japan's budget is growing for the ninth consecutive year. The budget increase is provided by collection of taxes and sale of securities, however it is noted that 40.9 percent of the budget will be funded by debt.
About 5 trillion yen ($48.4 billion) of the budget will be set aside in a reserve fund to support the country if the global health crisis worsens, so that these funds could be spent urgently without parliamentary approval.
The military budget will amount to 5.34 trillion yen ($51.7 billion), which is 0.5 percent more than in 2020. In particular, the publication notes that 33.5 billion yen ($324 million) will be spent on the development of missiles against enemy ships amid growing threats from China.
