Japan plans emergency lending
March 20, 2011, Sunday
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Print Edition
THE Japanese government plans to dedicate up to 10 trillion yen (US$127 billion) in crisis lending to businesses to help them finance day-to-day operations and repair damage from last week's deadly earthquake and tsunami, the Nikkei newspaper reported yesterday.
The government can provide special financing in the form of low-interest loans or interest payment subsidies backed by public funds when a natural disaster or other event triggers major economic instability, the Nikkei said.
The newspaper, without citing sources, said Tokyo was considering allocating several trillion yen and up to 10 trillion yen to the scheme. Funds needed to support the scheme would be set aside in an emergency budget.
The government looks certain to need an extra budget to fund disaster relief and reconstruction after the triple blow of a magnitude-9.0 earthquake, a tsunami and a dangerous radiation leak at a crippled nuclear plant.
The authorities, struggling to contain the nuclear crisis, have yet to produce an estimate of how much government spending would be needed to help the economy get back on its feet.
Economics Minster Kaoru Yosano said earlier this week that the economic damage from the disaster would exceed 20 trillion yen, which was his estimate of the total economic impact of the 1995 earthquake in Kobe.
Yosano said government spending was likely to exceed the 3.3 trillion yen Tokyo spent after Kobe, the world's costliest natural disaster until now.
The government can provide special financing in the form of low-interest loans or interest payment subsidies backed by public funds when a natural disaster or other event triggers major economic instability, the Nikkei said.
The newspaper, without citing sources, said Tokyo was considering allocating several trillion yen and up to 10 trillion yen to the scheme. Funds needed to support the scheme would be set aside in an emergency budget.
The government looks certain to need an extra budget to fund disaster relief and reconstruction after the triple blow of a magnitude-9.0 earthquake, a tsunami and a dangerous radiation leak at a crippled nuclear plant.
The authorities, struggling to contain the nuclear crisis, have yet to produce an estimate of how much government spending would be needed to help the economy get back on its feet.
Economics Minster Kaoru Yosano said earlier this week that the economic damage from the disaster would exceed 20 trillion yen, which was his estimate of the total economic impact of the 1995 earthquake in Kobe.
Yosano said government spending was likely to exceed the 3.3 trillion yen Tokyo spent after Kobe, the world's costliest natural disaster until now.
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