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2016/02/09
DPJ and JIP submit fiscal consolidation bill to the Diet
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On February 9, the DPJ and the Japan Innovation Party (JIP) jointly submitted a bill for the promotion of fiscal consolidation to the Diet. DPJ Next Minister of Finance Seiji Maehara, and Vice Secretary General Junya Ogawa, along with JIP Secretary General Masato Imai handed over the proposal to the Secretary General of the House of Representatives.
The main content of the proposal are as follows: (1) to establish basic principles and a basic policy for fiscal consolidation, (2) to legislate targets for national and regional fiscal consolidation, (3) to stipulate that budget compilation will take place based on a 10-year fiscal management strategy and a three-year mid-term framework, (4) to strengthen the system for structural reform of expenditure and revenue, etc.
The proposal also lists details of steps that will need to be including when drafting the first fiscal management strategy, such as a blueprint for making Japan’s social security system more efficient. It aims to make the nation’s economic and fiscal structure sustainable.
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