The Cabinet has approved the central government’s 2016 budget.
The budget was approved Friday in a Cabinet meeting. The total income next year is estimated at around NT$1.8 trillion (about US$57 billion). But there will be a shortfall, as the spending is greater than the income. Cabinet spokesman Sun Lih-chyun explains:
"The Cabinet passed the 2016 central government budget this morning. The annual income will grow by 3.6% over last year’s figure, and the annual spending will increase by 3.1% year-on-year," Sun said. "The increase in spending will be used for public infrastructure, technological development, education, and social welfare."
Meanwhile, outstanding debt is forecast to reach NT$5.61 trillion (about US$177.4 billion) by the end of 2016. The debt will account for 34.9% of the average GDP figures in the previous three years, and it will be the fourth year in a row that the outstanding debt level has decreased.