LDP Seeks 60-T.-Yen Economic Package in Virus Fight
Tokyo, March 30 (Jiji Press)--Japan's ruling Liberal Democratic Party on Monday drafted a proposal for the government to take economic measures worth 60 trillion in the fight against the coronavirus pandemic.
The draft, including cash handouts and subsidies, as well as the distribution of shopping coupons to shore up consumption, calls for 20 trillion yen in government spending. LDP policy chief Fumio Kishida is set to submit the proposal to the government on Tuesday.
The draft says that the government should come up with an economic package larger than the 56.8-trillion-yen package drawn up in April 2009, after the September 2008 collapse of U.S. investment bank Lehman Brothers. The 2009 package featured 15.4 trillion yen in government spending.
The draft says that more than 10 trillion yen should be secured for cash and other benefits.
The LDP said that the government should provide "bold cash benefits" to individuals and households with sharp income drops, and small businesses and sole proprietors whose sales have plummeted.
[Copyright The Jiji Press, Ltd.]