Japan To Approve 2.7 Tril. Yen Supplementary Budget Plan
The Japanese government plans to draft a supplementary budget worth 2.7 trillion yen, or about 21 billion dollars. It will include funding for measures to help cope with rising prices.
The draft budget for the current fiscal year includes 1.17 trillion yen or around 9.1 billion dollars for subsidies to oil wholesalers. They will go out from June to deal with soaring crude oil prices. One and a half trillion yen or about 11.7 billion dollars will be for adding reserve funds.
The government is expected to approve the draft budget in a Cabinet meeting on Tuesday.
It will issue additional bonds to finance the budget.
Officials aim to pass the draft budget in the current Diet session.
But opposition parties have expressed criticism about adding massive funds into the reserves, which could be used without Diet approval.