Japan's Cabinet approved a 21.84 trillion yen ($210 billion) extra budget to finance additional economic measures amid the COVID-19 pandemic, national media reported on Tuesday
TOKYO (Pakistan Point News / Sputnik - 15th December, 2020) Japan's Cabinet approved a 21.84 trillion Yen ($210 billion) extra budget to finance additional economic measures amid the COVID-19 pandemic, national media reported on Tuesday.
The current extra budget is the third for the financial year through March. Japan's total debt has reached a record 112.55 trillion yen (about $ 1 trillion) high this year and is almost twice as high as the previous record in 2009 after the global financial crisis.
"It's true that the third extra budget will worsen financial conditions in the short run. So we need to thoroughly promote both economic revitalization and fiscal consolidation," the Kyodo news agency reported, citing Finance Minister Taro Aso.
Japan has seen record numbers of new cases of the COVID-19 virus since mid-November. The Cabinet is trying to ensure the coronavirus-stricken economy remains on the recovery track.
