Suga Orders 3rd Extra Budget for Fight against Virus
Tokyo, Nov. 10 (Jiji Press)--Japanese Prime Minister Yoshihide Suga instructed Tuesday his cabinet to compile a fiscal 2020 third supplementary budget to finance additional measures to address the economic hit from the novel coronavirus epidemic.
Suga issued the instructions at a cabinet meeting, aiming to seamlessly deal with the economic downturn, including the tough employment situation, under the so-called 15-month budget concept, which combines the third extra state budget for the year ending next March and the full budget for fiscal 2021.
The Japanese economy "has been showing movements of pickup, but still remains below the levels before the virus crisis," Suga said. "We hope to support employment and businesses while containing the spread of infection," he said, adding that "we'll put the economy back on a growth path led by private-sector demand" by solidifying the recovery trend.
Suga ordered cabinet ministers to focus on measures to prevent the spread of the new coronavirus, realize structural reforms and a virtuous cycle of the economy toward a post-coronavirus era, and help the country reduce damage from and beef up its resilience to natural disasters.
"We'll compile the extra budget and the fiscal 2021 full budget on a 15-month budget basis," Suga told the cabinet meeting.
[Copyright The Jiji Press, Ltd.]