Japan Govt Adopts FY 2021 Extra Budget with Record Spending

Politics

Tokyo, Nov. 26 (Jiji Press)--The Japanese government adopted at an extraordinary cabinet meeting on Friday a fiscal 2021 draft supplementary budget featuring record general-account spending of 35,989.5 billion yen to shore up the coronavirus pandemic-battered economy.

The extra budget, which earmarks 31,562.7 billion yen for a package of economic stimulus measures compiled a week before, will be used to finance COVID-19 countermeasures and to realize Prime Minister Fumio Kishida's key policy of achieving a virtuous cycle of economic growth and wealth redistribution.

The government will submit the draft budget to an extraordinary session of parliament expected to be convened on Dec. 6.

With the add-on spending program, the government's total expenditures for the current fiscal year to March next year, including the initial budget, will reach 142,599.2 billion yen.

The economic package allocates 18,605.9 billion yen to prevent COVID-19 from spreading, 1,768.7 billion yen for resuming socioeconomic activities, 8,253.2 billion yen for initiating a "new form of capitalism" advocated by Kishida, and 2,934.9 billion yen for taking disaster management measures and boosting national resilience.

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Jiji Press