Open

Coming up

Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

Ségolène Royal goes for green

Read more

THE INTERVIEW

Ron Dermer, Israeli ambassador to the United States

Read more

THE OBSERVERS

A look back at some of the Observers' best stories

Read more

DEBATE

Argentina Defaults: Kirchner Cries Foul Over 'Vulture Funds' (part 2)

Read more

DEBATE

Argentina Defaults: Kirchner Cries Foul Over 'Vulture Funds'

Read more

AFRICA NEWS

Ebola death toll tops 700

Read more

AFRICA NEWS

Dozens of youths trampled to death on Conakry beach

Read more

MEDIAWATCH

Renault's women drivers ad deemed sexist

Read more

DEBATE

Iraq's Christians: Nowhere to Run? (part 2)

Read more

  • Ron Dermer, Israeli ambassador to the United States

    Read more

  • Live: Israeli soldier feared captured, ceasefire 'over'

    Read more

  • Ugandan court strikes down anti-gay legislation

    Read more

  • Regional summit to tackle deadly Ebola outbreak

    Read more

  • French hospital to open wine bar for terminally ill patients

    Read more

  • €2.5 million in cocaine ‘disappears’ from Paris police HQ

    Read more

  • Air France ground workers to strike on August 2

    Read more

  • Interactive: France’s new plan to counter jihadism in Africa

    Read more

  • Ukrainian army suffers losses in separatist attack

    Read more

  • Dozens killed and injured in Taiwan gas blast

    Read more

  • Argentinian markets plummet following default

    Read more

  • French Jews speak of growing fear in Paris amid Gaza conflict

    Read more

  • Video: Inside Hamas ‘terror’ tunnels in Gaza

    Read more

  • Sierra Leone declares state of emergency over spread of Ebola

    Read more

  • France remembers murdered socialist hero Jean Jaurès

    Read more

Cabinet approves extra budget to finance stimulus plan

Latest update : 2008-12-20

The cabinet of Prime Minister Taro Aso (pictured) has approved a $54 billion supplementary budget to finance a massive economic stimulus and job-creation plan unveiled in October. The budget will be submitted to parliament in early 2009.

AFP - The Japanese cabinet on Saturday approved a 4.8 trillion yen (54 billion dollar) second extra budget to finance a massive stimulus package, government officials said.  
   
Prime Minister Taro Aso's cabinet plans to submit the budget, for the year to March 2009, to parliament early next year, the officials said.  
   
The budget, exceeding the 1.81 trillion yen first supplementary budget, is intended to fund cash handouts, a job-creation scheme and other economic measures in the 26.9-trillion-yen stimulus package unveiled in October.
   
Separately, the finance ministry announced a draft state budget reaching an all-time high of 88.5 trillion yen for the year to March 2010, giving up its belt-tightening policy amid the global financial crisis.
   
"I would like to compile an audacious and practical budget aimed at recovering the economy and securing people's life," Aso said in a statement.
   
The total amount of national bonds issued in the 2009-2010 financial year will reach 33.3 trillion yen, marking the first rise in four years.
   
"The rapid deterioration of the economy is far beyond our projections," Finance Minister Shoichi Nakagawa told a news conference. "It is our important task to take flexible measures for the people and the economy."
   
The government plans to adopt the draft budget on Wednesday following minor revisions. It will then be submitted to parliament in January.
   
The Japanese government on Friday forecast zero growth for the year to March 2010, battling to stave off a prolonged contraction in the world's second-largest economy.
   
It was Japan's first zero growth forecast in real terms in seven years as Asia's largest economy is battered by slowing demand overseas for its exports and a slump in domestic demand.
   
The global economic crisis has plunged Japan into recession in the current year to March 2009, despite earlier government projections of growth.
 

Date created : 2008-12-20

COMMENT(S)