Japan Carries Over Record 30 T. Yen in FY 2020 Budget

Politics

Tokyo, July 30 (Jiji Press)--The Japanese government carried over a record 30,780.4 billion yen of general-account budget funds for fiscal 2020, which ended in March this year, into the current year, the Finance Ministry said Friday.

Spending delays were behind the massive carryover amount. The government expanded its fiscal 2020 spending by adding 73 trillion yen in three supplementary budgets to tackle the economic fallout of the COVID-19 pandemic.

The amount of carryover from fiscal 2020 far exceeded the previous record of 7,611.1 billion yen in fiscal 2012, which came after the March 2011 massive earthquake and tsunami that hit the Tohoku northeastern Japan region.

The carryover to fiscal 2021 includes 6,414 billion yen from a program in which government-backed lenders offer loans effectively free of interest and collateral to smaller businesses, 3,311.5 billion yen from a program to pay coronavirus relief to restaurants and bars meeting requests for shorter business hours and 1,335.3 billion yen from the Go To Travel domestic tourism promotion campaign.

The sum also includes 4,693.7 billion yen from public works projects.

[Copyright The Jiji Press, Ltd.]

Jiji Press