The Executive Yuan on Thursday greenlighted the central government's 2023 general budget plan and the special budget for the fourth phase of the Forward-looking Infrastructure Development Program. The budget proposals, drawn up by the Directorate-General of Budget, Accounting and Statistics, are designed to achieve the government's goals of providing better care for the people, boosting domestic economic development momentum, and promoting balanced local development. The budget proposals will be submitted to the Legislative Yuan for deliberation.
Premier Su Tseng-chang said the central government's 2023 general budget has three key features:
First, this is the largest budget ever. The proposed repayment of principal on government debt is the highest in 22 years. Projected annual revenues are NT$2.55 trillion (US$84.5 billion) and projected annual expenditures are NT$2.71 trillion (US$89.8 billion), both substantial increases over 2022 and the largest in history.
Second, the budget emphasizes better care for the people to strengthen Taiwanese society. The overall budget allocated to policies to counteract declining birth rates, and the budgets for education, long-term care and social housing, are all the highest ever. This demonstrates the government's determination to provide for the well-being of the people from childhood to old age, in particular by supporting young people, assisting vulnerable populations, and lightening the burden of families engaged in childrearing and long-term care.
Third, the budget calls for continuing increases in investment in local governments. The central government will provide local governments with over NT$61 billion (US$2 billion) in additional funding next year to continue the promotion of balanced local development.
In addition, to ensure that Taiwan carries its forward momentum into the post-pandemic era and promotes sustainable national development, next year's budget allocations for public works, scientific and technological development, and the transition to net-zero carbon emissions will all increase. The overall national defense budget will also increase by more than NT$70 billion (US$2.3 billion), or almost 14% over 2022, to reach a new record high of NT$586.3 billion (US$19.4 billion).