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Strategies & Market Trends : MDA - Market Direction Analysis

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To: pater tenebrarum who wrote (34033)	11/23/1999 2:37:00 PM
From: Don Green	Read Replies (1) of 99985

Govt Set To Approve 6.78 Trln Yen Extra Budget Wednesday, November 24, 1999 TOKYO (Nikkei)--The cabinet of Prime Minster Keizo Obuchi will approve on Thursday a 6.78 trillion yen second supplementary budget, which contains 6.54 trillion yen in spending to help finance the 18 trillion yen economic stimulus package, government sources said Tuesday. The supplementary budget will bring total fiscal 1999 spending outlays to 89 trillion yen. The draft budget also transfers 418.3 billion yen into a special account for health insurance, practically paying off the government's "hidden borrowing" covering subsidies to the financially strapped government-managed health care system. On the revenue side, meanwhile, the supplementary budget makes an adjustment for a shortfall in national tax revenues and contains additional issuance of government bonds to finance economic-stimulus measures. Deficit-covering bonds are pegged at 3.74 trillion yen. Social infrastructure spending accounts for about half of the expenditure side of the budget, with the biggest allocation -- just over 900 billion yen -- going to shifting electric cables underground, laying fiber-optic cables, and other science, telecommunications and technology projects. (The Nihon Keizai Shimbun Wednesday morning edition

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