Prime Minister Shigeru Ishiba. (Photo: Kyodo/VNA)
According to a VNA correspondent in Tokyo, on February 25, Japan's ruling coalition reached a budget agreement with the Japan Innovation Party (JIP), thereby removing a major obstacle to enacting the budget for the next fiscal year.
The deal marks a major effort by the ruling coalition of Prime Minister Shigeru Ishiba's Liberal Democratic Party (LDP) and Komeito to win the support of the Japan Innovation Party, which has said it would back the government's budget plan if its demands are met.
Prime Minister Ishiba, Komeito leader Tetsuo Saito and JIP leader Hirofumi Yoshimura officially signed the agreement.
The Japanese government's budget plan submitted to parliament is the largest ever, at 115,540 billion yen (more than 771 billion USD).
The plan is aimed mainly at increasing defense spending, pushing for measures to ensure free secondary education and covering soaring social security costs due to a rapidly aging society.
In fiscal 2025, the Japanese government will provide 118,800 yen per year to households with children in junior high school, regardless of school type or income level.
The parties also agreed to set a target of cutting 4 trillion yen ($26.74 billion) in annual medical costs as required by the JIP.
The parties also plan to ensure that the budget for the next fiscal year starting on April 1 will be spent on the contents of the agreement.
Japan's Constitution stipulates that the country's fiscal budget will be enacted 30 days after the Upper House receives the budget plan approved by the Lower House. Therefore, the budget must be passed by the Lower House by March 2.
However, as the ruling coalition no longer controls the Lower House after losing its majority in the general election in late October 2024, the LDP and Komeito need to gain additional support from opposition parties to pass draft budgets and bills./.
Source: https://www.vietnamplus.vn/nhat-ban-lien-minh-cam-quyen-dat-thoa-thuan-ngan-sach-post1014333.vnp
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