TOKYO: Japan’s government will submit to parliament early next week a second extra budget to fund a new US$1.1 trillion stimulus package to cushion the economic blow from the coronavirus pandemic, Prime Minister Shinzo Abe said on Monday (Jun 1). With ruling and opposition parties on board for big spending to combat the virus fallout, parliament is likely to approve the budget as early as next week. The move would give Abe ammunition to inject another heavy dose of stimulus to an economy on the brink of deep recession as the pandemic hit global and domestic demand. “We’d like to submit (the second extra budget) to parliament early next week,” Abe said in a meeting with ruling party lawmakers. “We need to protect businesses and jobs.” Abe’s Cabinet approved last month the US$1.1 trillion stimulus package that includes significant direct spending, having rolled out a package of a similar magnitude in April. The extra budget needs to get approved by parliament for the stimulus package to take effect. Notable in the new stimulus package is 10 trillion yen (US$93 billion) in reserves set aside for “emergency” spending – more than 10-fold the usual amount – that the government can tap… Read full this story
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