Olympic Costs Pressuring Tokyo Govt Finances amid Epidemic
Tokyo, Jan. 23 (Jiji Press)--Costs for holding the Olympic and Paralympic Games have been pressuring the finances of the Tokyo metropolitan government, which have already been eroded by its response to the coronavirus epidemic.
Of the overall Tokyo Games costs totaling 1,644 billion yen, the metropolitan government will shoulder 717 billion yen, including additional costs from the postponement of the events by one year from last summer because of the epidemic.
The metropolitan government has spent over 2 trillion yen to fight the epidemic while expecting weaker tax revenue, making officials concerned about its finances.
"We've given the right amount of focus to priority issues amid tight finances," Tokyo Governor Yuriko Koike said Monday as she completed her review of a fiscal 2021 budget plan featuring general-account expenditures of 7,425 billion yen, the second highest on record for the metropolitan government.
She said the metropolitan government does not have to take account of additional Tokyo Games costs in the budget plan. The additional costs, totaling 120 billion yen, will be covered mainly by surplus funds carried over from fiscal 2019, which ended in March last year.
[Copyright The Jiji Press, Ltd.]