Abe Orders 1st Stimulus Package in 3 Years

Politics

Tokyo, Nov. 8 (Jiji Press)--Japanese Prime Minister Shinzo Abe on Friday instructed his cabinet to draw up a package of measures to boost recovery and revitalization efforts in typhoon-struck areas and to prop up the economy.

It is the first time for the government to compile a stimulus package since August 2016.

"We will draft new economic measures on a 15-month budget basis, in order to speed up post-disaster reconstruction efforts, deal with foreign risks and boost productivity," Abe told a cabinet meeting the same day.

During the meeting, the prime minister also ordered the compilation of a supplementary budget for fiscal 2019, which started in April. The upcoming economic package will be funded by budget reserves from the fiscal 2019 initial budget, as well as by the fiscal 2019 supplementary budget and the fiscal 2020 initial budget.

"By compiling a supplementary budget and combining reserves from this fiscal year's budget with temporary and special measures under next fiscal year's budget, we will take flexible and comprehensive approaches," he said.

[Copyright The Jiji Press, Ltd.]

Jiji Press