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Japan Cabinet approves stopgap budget

March 27, 2013 at 12:35 AM   |   Comments

TOKYO, March 27 (UPI) -- The Japanese Cabinet Wednesday approved a 13.2 trillion yen provisional budget to cover spending for 50 days beginning April 1.

The stopgap budget was sought by the government of Prime Minister Shinzo Abe since the annual budget for next fiscal starting April 1 is not expected to be enacted before May.

Kyodo News reported the 13.2 trillion yen provision is the largest ever such stopgap arrangement, topping the 11.6 trillion yen in fiscal 1996. The money is needed to fund pensions and major public works projects designed to stimulate the economy.

The drawing up of the new budget for next fiscal was delayed since Abe's Liberal Democratic Party-led government took over only on Dec. 26 after the Dec. 16 general election.

The Finance Ministry said about 5.43 trillion yen of the stopgap budget will go to fund social security spending, and another 1.54 trillion yen for public works projects.

For next fiscal, the government already has submitted to Parliament a record 92.61 trillion yen budget.

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