channelnewsasia.com - Japan govt freezes spending of US#dollar;33b
   
 
  blogs  
 
yournews
   
   
Video Finance Lifestyle Travel Weather Discussion TV Shows
CNA Live    | About Us 
 
  Home ›
 
Business News
  Smaller Text Size Larger Text Size

 
 

Japan govt freezes spending of US$33b
Posted: 16 October 2009 1602 hrs

 
 
Photos  of

   
 


TOKYO : Japan's government announced Friday it would freeze spending of about 33 billion dollars from the previous administration's extra budget as part of its war on waste in the public sector.

Prime Minister Yukio Hatoyama's cabinet approved the suspension of spending of about 2.93 trillion yen (33 billion dollars), out of a supplementary budget of 14.7 trillion yen for the year to March 2010.

The cuts were just short of the government's target of three trillion yen. Former premier Taro Aso pushed the extra budget through parliament in May to fund his economic stimulus measures.

The savings were "unprecedented," said Hatoyama, whose Democratic Party took power last month, ending more than half a century of almost unbroken conservative rule.

"In a way, this is the start of new politics," he said.

Hatoyama's centre-left government plans to use the money to fund its campaign promises, such as expanded childcare allowances, an end to expressway tolls and free public high school tuition fees.

It has scrapped some projects including a planned national media arts centre aimed at promoting manga cartoons and animated films, as well as an expansion of highways and public housing development programmes.

The Hatoyama government will continue to try to cut waste, said Chief Cabinet Secretary Hirofumi Hirano.

Hatoyama has "instructed the ministers to conduct thorough spending cuts in drafting (the next year's) budget," Hirano told a regular press conference.

- AFP /ls

 

 
Bookmark and Share



Other business News
Japanese auto-makers Honda and Toyota dented by global recalls
Toyota announces mass Prius recall
Ma says China trade pact crucial to Taiwan
China exports surge in January
Honda expands North America airbag recall to 420,000 more cars
NKorea premier apologises for currency chaos
Philippines exports surge in December
US public had "unrealistic" jobs hopes: top lawmaker
BHP Billiton cautious despite profits leap to US$6.14b
Baidu profit surges nearly 50% in Q4
Bernanke to explain Fed exit strategy, with caution
Malaysia's Maybank Q2 profit up 35%
Swiss bank UBS returns to profit
Barclays chief slams over-regulation as watchdog boss quits
Japanese plane seat maker admits falsifying safety data
China overtakes Germany as leading trade exporter
US stocks rally on easing eurozone debt fears
Oil prices leap as US dollar falls against euro
JAL to stay with American Airlines, expand tie-up
Shanghai to be one of top 3 finance centres: EIU survey

 

 
Affiliate Sites:
 
About Us  |  Contact Us  |  Advertise with Us  |  Terms & Conditions