Japan seeks small budget
Source: Agencies |
May 18, 2011, Wednesday
|
Print Edition
Print Edition
JAPAN'S government is considering compiling a small second extra budget of less than 1 trillion yen (US$12.4 billion) to secure funds for payouts to households hit by the devastating earthquake in March, the Asahi newspaper reported yesterday.
The government plans to issue deficit-covering bonds to fund the spending, and will compile a third emergency budget in the summer to meet much bigger costs for reconstruction, the paper said without citing sources.
Japan had planned to compile a sizable second extra budget to meet estimated fiscal spending of over 10 trillion yen for reconstruction and payouts to households hit by the quake.
But it has been struggling to gain support from opposition parties needed to pass related bills through parliament.
For a big second extra budget to be passed, the current parliamentary session, which ends on June 22, would have to be extended for a significant period.
But the government has been wary of doing so as that would mean opposition parties would have longer to grill Prime Minister Naoto Kan and his cabinet over the handling of the nuclear crisis.
The government plans to issue deficit-covering bonds to fund the spending, and will compile a third emergency budget in the summer to meet much bigger costs for reconstruction, the paper said without citing sources.
Japan had planned to compile a sizable second extra budget to meet estimated fiscal spending of over 10 trillion yen for reconstruction and payouts to households hit by the quake.
But it has been struggling to gain support from opposition parties needed to pass related bills through parliament.
For a big second extra budget to be passed, the current parliamentary session, which ends on June 22, would have to be extended for a significant period.
But the government has been wary of doing so as that would mean opposition parties would have longer to grill Prime Minister Naoto Kan and his cabinet over the handling of the nuclear crisis.
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