The Executive Yuan today greenlighted the central government budget plan for 2015, projecting growing revenues and a reduced deficit for the nation.
Under the plan, the central government's revenues are estimated to increase by 5.4 percent over the current year, thanks largely to a rosier-than-expected economic outlook and a government fiscal restructuring program. Meanwhile, the spending budget will only rise 2.3 percent with most of the increases going to infrastructure, technological development, education and social welfare.
"This budget plan underlines the government's commitment to maintaining fiscal balance and generating economic growth while supporting education and caring for the disadvantaged," said Premier Jiang Yi-huah.
The premier reminded the heads of all ministries to study their own budgets and plans before the central budget is sent to the Legislative Yuan in late August. And once the next legislative session opens, the ministers should stay on top of the budget review process.
When answering questions about the budget from lawmakers and caucuses, Jiang continued, the ministers must respond in line with the Executive Yuan's official positions, strengthening communication and making clarifications when needed in order to win legislative support. If a proposal encounters major obstacles such as budget reduction or freezing, the officials should report back to the Executive Yuan immediately to minimize the impact on future operations.
For 2015, total government revenues are projected to grow to NT$1.799 trillion (US$60.03 billion), 5.4 percent higher than the NT$1.707 trillion figure for this year, according to the Directorate-General of Budget, Accounting and Statistics. Expenditures are also expected to increase to NT$1.960 trillion, up 2.3 percent from this year's NT$1.916 trillion.
The Ministry of Finance said that the 2015 debt increase will be lowered by more than NT$40 billion while the nation's debt-to-GDP ratio is projected to decline by 0.1 percentage point from the current year. In addition, the government fiscal restructuring program is expected to bring in an additional NT$17.5 billion from taxation while trimming more than NT$30 billion off expenditures. The shrinking budget deficit is a clear indication of improvements in the nation's fiscal position, the MOF added.