Japan Govt OKs 2.7-T.-Yen Draft Extra Budget
Tokyo, May 17 (Jiji Press)--The Japanese government Tuesday approved a draft fiscal 2022 supplementary budget for emergency measures to fight soaring prices that calls for general-account spending of 2,700.9 billion yen.
The amount will be financed entirely with deficit-covering bonds.
The government plans to submit the draft budget to the current session of the Diet, Japan's parliament, ending in June in hopes of enacting it by the end of this month.
The extra budget is expected to meet resistance from opposition parties as it will be used mainly to replenish reserve funds that the government can use without Diet approval.
The budget "is a necessary step to speedily meet unexpected fiscal demand that may be caused by a novel coronavirus resurgence, further rises in crude oil costs and general prices or other factors," Finance Minister Shunichi Suzuki told a press conference.
[Copyright The Jiji Press, Ltd.]