The Cabinet called a meeting Tuesday to review the central government’s fiscal budget for 2015.
The government is expected to receive revenues of 1.79 trillion Taiwan dollars (US$60 billion) next year. That’s up 5.4% from this year. Expenditures will also grow by 1.8% to 1.95 trillion Taiwan dollars (US$65 billion) compared to this year.
Since expected expenditures will be more than revenues, the Cabinet has decided to issue government bonds and borrow money to balance the budget.
Government expenditures will be mostly spent on social welfare as before, followed by education and technological development. Spending on infrastructure will grow the most by 10%.
Premier Jiang Yi-huah Tuesday directed all government agencies to cut costs and boost revenues to avoid burdening national coffers.