Japan Adopts 100,000-Yen Handout, Revised Extra Budget
Tokyo, April 20 (Jiji Press)--The cabinet of Japanese Prime Minister Shinzo Abe adopted Monday a stimulus package that was amended to include a cash handout of 100,000 yen per person, aimed at cushioning the economic impact of the coronavirus pandemic, and a revised draft fiscal 2020 supplementary budget to finance measures in the package.
Following the revision, general-account spending under the extra budget for the year that started this month will increase by 8,885.7 billion yen to 25,691.4 billion yen. The government plans to submit the draft budget to the Diet, Japan's parliament, on April 27, aiming to get it through the Diet within April and start the payouts next month, officials said.
The modified extra budget includes 12,880.3 billion yen for the cash benefit program.
The government will issue deficit-financing bonds to cover all of the additional spending under the revised budget plan. The issue amount of such bonds under the fiscal 2020 extra budget will total 23,362.4 billion yen, a record high under a supplementary budget of the government.
"We'll make all-out efforts to deliver the cash benefit as early as possible," Finance Minister Taro Aso said at a news conference after the cabinet decision.
[Copyright The Jiji Press, Ltd.]