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MOF eyeing record debt-serving cost for FY 2022

  • August 25, 2021
  • , Jiji Press , 7:53 p.m.
  • English Press

Tokyo, Aug. 25 (Jiji Press)–Japan’s Ministry of Finance plans to seek a record 30,236.2 billion yen for debt-servicing under the general-account budget for fiscal 2022, it was learned Wednesday.

 

The cost allocated for interest payments and redemptions of government debt securities will grow by 6,477.8 billion yen, or 27.3 pct, from the amount set aside in the fiscal 2021 initial budget and exceed the current record request of 26,054.3 billion yen, for fiscal 2016, informed sources said.

 

The record request reflects an increase in the balance of government securities in the fight against novel coronavirus infections.

 

The ministry’s overall budget request for fiscal 2022, which starts in April, is expected to stand at 32,039.6 billion yen, up 25.5 pct from the initial budget for the current fiscal year.

 

The figure includes 36.7 billion yen mainly to strengthen the financial base of government-backed Japan Finance Corp. and boost support for small and midsize companies that have been hit by the coronavirus crisis.

 

The ministry will not specify an amount for the reserve fund for measures against the novel coronavirus. It booked 5 trillion yen for such a fund in the initial budget for fiscal 2021.

 

In addition, the ministry will request that total quotas of personnel at the ministry, the National Tax Agency and Japan Customs increase by 321, the sources said.

 

Of them, 213 will work for Japan Customs on the establishment of a smooth customs clearance system and stricter measures against terror attacks.

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