TOKYO (Pakistan Point News / Sputnik - 28th January, 2021) Japan's upper house of parliament on Thursday approved the third extra budget for the fiscal year 2020, which lasts until March 31, 2021, totaling 19.18 trillion Yen ($184 billion).
Approved by the lower house earlier in the week, this is the third extra budget passed in efforts to stave off the economic havoc wrought on by the pandemic. The previous two additional budgets totaled 57.6 trillion yen.
According to the Kyodo news agency, Prime Minister Yoshihide Suga faced a tempestuous chamber, as opposition lawmakers took aim at the government's profligacy in supporting non-urgent programs.
The extra budget will be directed to enacting measures to prevent the spread of infections and helping medical institutions secure equipment and beds, the agency reported. Funds for financial support of restaurants and cafes, as well as domestic tourism.
This drew the ire of opposition lawmakers who pointed to the already record levels of debt issuance, which is set to come in at an eye-watering 175.69 trillion yen in bonds for the fiscal year 2020. Japan has the highest debt-to-GDP ratio of any country in the world by some measure.
The government's budget for the 2021 fiscal year, set to begin on April 1, is itself at a record-high 106.6 trillion. It has yet to be enacted by both houses of the Diet.
