TOKYO (Pakistan Point News / Sputnik - 21st November, 2022) Japan's government on Monday submitted to the parliament a second supplementary budget bill for the 2022 fiscal year, requesting additional 28.9 trillion Yen ($205 billion) to mitigate the impact of rising food and energy prices on households and businesses, media reported.
In late May, Japan approved a 2.7 trillion yen extra budget for fiscal 2022 to deal with surging consumer prices.
In particular, 7.82 trillion yen will be allocated to offset the increase in electricity, gas and energy prices, according to the Japanese NHK broadcaster. Meanwhile, 5.5 trillion yen will be spent on a program of socio-economic steps, called "new capitalism" by Prime Minister Fumio Kishida. The package reportedly includes benefits for pregnancy, maternity allowance, support for startups and other measures. In addition, 1 trillion yen will be earmarked for contingency costs related to the changes in the international environment or natural disaster.
Almost all expenditure will be financed through the issuance of government bonds and securities, the broadcaster reported.
Budget discussion in Japan's lower house was initially expected to start at 1 p.m. local time (04:00 GMT) on Monday, but it was postponed for almost two hours, as Minoru Terada, the minister for internal affairs and communications, resigned on Sunday amid scandal over misuse and incorrect declaration of funds. Former Japanese Foreign Minister Takeaki Matsumoto was appointed to replace Terada. He took office on Monday afternoon.
The meeting of the upper house of the Japanese parliament has been postponed to Tuesday for the same reasons.
