Abe to Call for Economic Package Compilation
Tokyo, Nov. 1 (Jiji Press)--Japanese Prime Minister Shinzo Abe is poised to instruct his government staff soon to draw up a package of measures in response to a recent spate of massive natural disasters and in order to rev up the nation's economy after the consumption tax hike a month ago, it was learned Friday.
Details will be discussed in the course of the government's budget compilation work later this year, informed sources said. The measures will be included in a supplementary budget for fiscal 2019, which ends next March, and the full fiscal 2020 budget, according to the sources.
The package could be worth as much as about 5 trillion yen, people familiar with the matter said. The government will draw up an economic package for the first time since August 2016. With the planned package taken into consideration, the government's fiscal 2020 general-account budget is seen topping 100 trillion yen, after its fiscal 2019 full budget exceeded that threshold.
Disaster-related measures will be a centerpiece of the coming package, sources said. After levees broke at a number of rivers due to damage from Typhoon Hagibis, which struck mainly eastern and central Japan in mid-October, the government plans to strengthen river embankments and dams across the country.
The government will also work out measures to support the agriculture, forestry and fishery sectors, which have suffered huge typhoon damage, the sources said. Damage to the industries from Hagibis, the 19th typhoon of the year, has surpassed 100 billion yen.
[Copyright The Jiji Press, Ltd.]