Office of the President Republic of China(Taiwan)

Taipei, Aug. 4 (CNA) President Chen Shui-bian confirmed the government budget prepared by the Executive Yuan for 2004 Monday, urging his administration to speed up financial reforms to keep the country financially healthy over the long term.

After being briefed by financial officials on the budget, the president hailed the Executive Yuan's work in compiling the budget amid limited growth in the government's revenue and ever-increasing government outlays.

Chen said the new budget was prepared in a way which accommodates both the government's important agenda and its goal of promoting economic growth.

He said the Executive Yuan has done a good job in giving priority to scientific development, public projects, defense, financial grants for local governments, pensions for elder farmers, fishermen, physically- and mentally-challenged, and retirement pensions for teachers.

In anticipating an upward turn in the economy next year -- thanks to the government's huge investment in public construction and the international economic recovery -- Chen said the Executive Yuan would take this into account while calculating the budget to make the best use of the government's limited resources.

Under the 2004 budget, the central government's revenue was estimated at NT$1.35 trillion (US$39.2 billion), with an outlay of NT$1.61 trillion (US$46.75 billion), and a shortfall of NT$259.3 billion (US$7.5 billion) which, combined with NT$56.1 billion (US$1.62 billion) for service on government's debts, will be covered through loans and the budget surplus of this year.