(VOVworld) – Japan's cabinet has approved a record-high 798 billion USD budget for fiscal 2016. Prime Minister Shinzo Abe said on Thursday that the budget focuses on welfare measures to tackle a rapidly aging society while trying to restore fiscal health.
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Japanese Prime Minister Shinzo Abe |
The general-account budget for the fiscal year starting next April also features higher spending on defense and official development assistance. The government plans to submit the draft budget for fiscal 2016 to the Diet session to be convened on January 4, and to seek its enactment by the end of March.
Under the new budget, the government will earmark a record 265 billion USD for social security expenses, including support for low income families, child care and health care programs.
Defense expenses will rise 1.5 percent to 42 billion yen, up for the fourth straight year. The budget reflects Japan’s intentions to expand its security and diplomatic presence abroad.