Japan Govt OKs 2.7-T.-Yen Extra Budget for FY 2018

Politics Lifestyle

Tokyo, Dec. 21 (Jiji Press)--The Japanese government adopted at a cabinet meeting on Friday a draft second supplementary budget for fiscal 2018 worth 2,709.7 billion yen.

The total is smaller than the planned additional expenditures at 3,035.1 billion yen, as the difference will be covered by unspent budget funds for the fiscal year ending in March next year, including debt-servicing costs that turned out smaller than expected thanks to low interest rates in the country.

In response to a series of natural disasters that hit Japan since summer, the government adopted a set of emergency measures, including those to make airports, power plants and other important facilities disaster-resistant, which will be financed by over 3 trillion yen in state funds in the next three years.

Of the total, the government will spend 1,072.3 billion yen under the extra budget mainly for implementing flood- and mudslide-control measures, as well as for reinforcing school buildings against earthquakes.

A total of 325.6 billion yen will be earmarked for steps to help the domestic agriculture sector compete better against imported products after the Dec. 30 effectuation of the Trans-Pacific Partnership free trade agreement among Japan and 10 other nations.

[Copyright The Jiji Press, Ltd.]

Jiji Press