President approves budget for upcoming fiscal year

President Chen Shui-bian (陳水扁) yesterday approved the Cabinet's budget for the next financial year.

Premier Yu Shyi-kun and several Cabinet officials presented the budget, in which expenditure amounts to NT$1.572 trillion and revenue to NT$1.339 trillion, to Chen for his perusal yesterday.

As the government needs to budget for another NT$46.5 billion to cover a previous debt, it will need to issue NT$240 billion worth of government bonds in fiscal 2003 to cover the shortage, Lin Chuan (林全), director-general of budget, accounting and statistics, said yesterday.

"While the government is going to face financial difficulties in the next fiscal year, we will continue to focus on several administrative polices such as the `Six-year National Development Plan,' scientific and technological development, public infrastructure, education and efforts to strengthen the nation's security," Lin said.

After hearing the Cabinet's briefing, Chen approved the budget plan and instructed the Cabinet to bear three things in mind.

First, he said, the budget plan should be drafted with a view to increasing future investment. Second, the government should improve the nation's human resources, he said.

Third, "While trying to improve the nation's economy, the budget structure should also seek a balance among national security, social harmony and human development," Chen said.

The fiscal 2003 central government budget will be reviewed by the Legislative Yuan during its next session starting in September.