Taiwan's Executive Yuan to approve 2027 budgets, shaping fiscal policy

The Executive Yuan will vote on the 2022 central‑government budget on the 20th, while a supplemental budget for this fiscal year is already poised for consideration. According to current information, the supplemental proposal will comprise eight major categories, including subsidies for elderly farmers, an increase to the National Pension, professional and supervisory allowances for military, civil‑service and teaching personnel, and defense spending. In addition, oil‑and‑gas subsidies and fare subsidies under the Middle‑East price‑stabilisation measures are expected to be allocated several hundred billion New Taiwan dollars within the supplemental budget.

The passage of the central‑government budget is the Executive Yuan’s next critical task, as it will directly shape fiscal policy and economic development. The Yuan plans to convene a meeting on the 20th to formally adopt the 2022 budget, with the supplemental budget slated as the principal agenda item. Because the supplemental budget will have a substantial impact on fiscal policy and the economy, the Executive Yuan will conduct thorough assessments and consultations.

Two of the most prominent policies in the supplemental package are the adjustments to the elderly‑farmer subsidy and the increase to the National Pension. Changes to the former will affect farmers’ incomes and living standards, while the pension increase will have a significant effect on beneficiaries’ livelihoods. The professional and supervisory allowances for military, civil‑service and teaching staff constitute the government’s welfare measures for public‑sector employees and will markedly influence their earnings and quality of life. Defense‑related allocations will directly affect national defence policy and military capability, and therefore will receive particular attention.

Oil‑and‑gas subsidies and fare subsidies under the Middle‑East price‑stabilisation measures are projected to require several hundred billion NTD and will be incorporated into the supplemental budget. These measures are expected to have a major impact on household expenses and consumer prices, prompting the government to undertake detailed evaluations and negotiations. Following the approval of the supplemental budget, a comprehensive review will be carried out to ensure that fiscal policy and economic development proceed smoothly.

Budgetary arrangements will be shaped by multiple agencies, including the Ministry of Finance, the Executive Yuan and the Legislative Yuan. The Ministry of Finance is responsible for overall fiscal policy and budget formulation; the Executive Yuan oversees economic development and the implementation of fiscal measures; and the Legislative Yuan reviews the budget proposal and monitors fiscal policy and economic progress. Consequently, the budget process will be subject to extensive scrutiny and assessment.

In summary, the 2022 central‑government budget is the Executive Yuan’s next pivotal undertaking, and its passage will directly influence fiscal policy and economic growth. The government will engage in meticulous evaluation and consultation to ensure smooth implementation of fiscal and economic strategies. Moreover, the inclusion of oil‑and‑gas and fare subsidies—estimated at several hundred billion NTD—within the supplemental budget will significantly affect living costs and price stability, prompting a comprehensive review and assessment. (Source: Central News Agency)