LDP, Komeito Agree to Compile 1.7-T.-Yen Economic Package

Politics

Tokyo, April 21 (Jiji Press)--Japan's ruling Liberal Democratic Party and its coalition partner, Komeito, agreed Thursday to set the size of a planned emergency economic package at around 1.7 trillion yen.

The package, intended to mitigate the impact of rising prices of goods and services, will include plans to provide low-income child-rearing families with 50,000 yen in aid per child and expand existing subsidies related to surging crude oil prices.

Prime Minister Fumio Kishida is expected to announce the details of the emergency package as early as Tuesday.

The stimulus measures will be financed by reserve funds set aside under the government's fiscal 2022 budget, according to the two parties' agreement, reached at a meeting between LDP Secretary-General Toshimitsu Motegi and his Komeito counterpart, Keiichi Ishii, on Thursday.

A fiscal 2022 supplementary budget, expected to be on the scale of around 2.5 trillion yen, will be compiled to replenish the reserve funds, the two parties also confirmed. They will aim to enact it during the ongoing regular session of the Diet, Japan's parliament.

[Copyright The Jiji Press, Ltd.]

Jiji Press