TOKYO, Nov 9 (NNN-NHK) – Japan’s Cabinet approved yesterday, an extra budget spending of 29.1 trillion yen (199 billion U.S. dollars) for the current fiscal year, on a comprehensive economic package, to combat soaring prices.
The extra budget spending, much of which will be funded by additional new debt, features measures to help Japanese households and businesses by reducing their utility bills.
“We should not hesitate to spend as needed in times of emergency, to protect the livelihoods of people in Japan,” Japanese Finance Minister, Shunichi Suzuki told reporters, after the budget plan was approved.
“It’s also true that our nation’s fiscal situation is becoming all the more severe,” Suzuki said, adding that, crisis-mode “massive” spending cannot last long.
According to the finance ministry, government bonds worth 22.8 trillion yen will be issued to help finance the economic package, adding to the country’s already ballooning debt burden.
The government plans to submit the draft extra budget to parliament, to have it approved before the current session ends in early Dec. (1 U.S. dollar equals 146.32 Japanese yen)– NNN-NHK
