Tokyo, Sept. 5 (Jiji Press)–Japan’s government agencies’ general account budget requests for fiscal year 2023, which begins next April, totaled 110,048.4 billion yen, the second-highest on record after the 111,655.9 billion yen requested for the 2022 financial year, the Ministry of Finance announced on Monday.
The latest budget demands include a request for record spending from the Ministry of Defense, an increase in debt service charges following massive spending on measures to combat the COVID-19 pandemic and an increase in social security spending. attributable to the aging of the population.
The total is likely to swell further during the budget compilation process towards the end of the year, as agencies have requested expenditures for many items without specifying how much they need. These requests included measures related to defense and the fight against soaring prices.
Total general account spending under a final budget plan, due to be released later this year, is most likely to hit a record first, eclipsing the current high of 107,596.4 billion yen. marked in fiscal year 2022.
Total budget requests exceeded 100 trillion yen for the ninth consecutive year.
[Copyright The Jiji Press, Ltd.]