Japan will implement an additional fiscal stimulus plan worth more than 10 trillion yen (US$99.2 billion) of actual spending, or over 2 percent of the nation's GDP which amounts to around 500 trillion yen, Finance Minister Kaoru Yosano said on April 6.
The government will compile a fiscal 2009 supplementary budget to finance the package, Kyodo News quoted Minister Yosano as telling reporters after his meeting with Prime Minister Taro Aso.
He said the government will aim to finalise the additional economy-boosting plan later this week.
PM Aso told reporters in the evening that an additional pump-priming package is necessary as Japan's economic outlook “shows the largest fall among industrialised nations” and that participants in the April 2 financial summit held in London “concluded that we need to step up fiscal spending.”
The fiscal 2009 extra budget will likely be submitted to the Diet for deliberations later this month, government sources said.
If more than 10 trillion yen of actual spending is incorporated in a single extra budget, it would be the largest ever seen in Japan, Kyodo News said.
The new package is expected to surpass the 7.6 trillion yen of spending in the third extra budget for fiscal 1998, currently the largest ever.
He said the government will aim to finalise the additional economy-boosting plan later this week.
PM Aso told reporters in the evening that an additional pump-priming package is necessary as Japan's economic outlook “shows the largest fall among industrialised nations” and that participants in the April 2 financial summit held in London “concluded that we need to step up fiscal spending.”
The fiscal 2009 extra budget will likely be submitted to the Diet for deliberations later this month, government sources said.
If more than 10 trillion yen of actual spending is incorporated in a single extra budget, it would be the largest ever seen in Japan, Kyodo News said.
The new package is expected to surpass the 7.6 trillion yen of spending in the third extra budget for fiscal 1998, currently the largest ever.
VOVNews/VNA
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