A key Japanese parliamentary committee on Monday approved the government's record $940 billion initial spending plan for the next fiscal year, setting the stage for the budget's full passage through the legislature in March\n .
Japan's Prime Minister Fumio Kishida attends a news conference on the coronavirus measures, in Tokyo, Japan, February 17, 2022. David Mareuil/Pool via REUTERSTOKYO, Feb 21 - A key Japanese parliamentary committee on Monday approved the government's record $940 billion initial spending plan for the next fiscal year, setting the stage for the budget's full passage through the legislature in March .
The budget for the new fiscal year beginning in April, worth 107.6 trillion yen , is Japan's biggest initial spending plan.The expansive fiscal package will also add to strains for the industrial world's heaviest debt burden, which is more than twice the size of Japan's $5 trillion economy. Given the ruling bloc's majority in the both chambers of parliament , the budget bill would be enacted 30 days after it is sent to the upper house.Kishida has vowed to bring the primary budget, which excludes new bond sales and debt-servicing costs, to surplus by fiscal 2025, while he is facing pressure within his ruling Liberal Democratic Party to spend more before the July upper house elections.
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