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Japan OKs 48.3-bln-USD provisional budget for fiscal 2015

Xinhua, March 27, 2015 Adjust font size:

The Japanese government on Friday granted a 5.76-trillion-yen (48.3-billion-U.S. dollar) provisional budget that the government eyes making it be approved by the Diet by Monday.

The budget aims at funding the country's spending for 11 days from April 1 as its annual budget for fiscal 2015 is unlikely to be enacted by the end of fiscal 2014 on Tuesday.

In the stopgap budget, 2.97 trillion yen will be allocated to local governments as subsidies, while social security expenses, such as pension and welfare payments, will get 2.16 trillion yen, according to local report.

It also secured 155.2 billion yen for defense-related spending.

As for revenue, the government will get 26.3 billion yen from taxes and other commission charges and the Finance Ministry will issue financing bills for short-term funds to bridge the revenue shortfall, according to reports.

The Diet's lower house passed a record 96.34 trillion yen ( about 807.81 billion dollars) draft budget for fiscal 2015 on March 13.

The budget, which is now under deliberation in the upper house, is unlikely to be enacted before the start of the new fiscal year due to time constraints. The draft budget was delayed due to the snap election on Dec. 14. Endi