TOKYO, March 27 — Japan’s government will soon kick off work on a stimulus package that could be worth 10 per cent of the country’s economic output, joining global efforts to combat the hit to their economies from the coronavirus pandemic. With the state budget for next fiscal year having...
Friday, 27 Mar 2020 03:21 PM MYT
With the state budget for next fiscal year having passed parliament today, Prime Minister Shinzo Abe will order his cabinet in the coming days to ready the package to be delivered in April, government officials and ruling party lawmakers say. Most the spending will be financed by issuing deficit-covering bonds, which would add to a debt burden already twice the size of Japan’s US$5 trillion economy, the officials said.
The new virus has infected more than half a million people and killed over 24,000 around the world, while disrupting global trade, tourism and supply chain and prompting city lockdowns, layoffs and bankruptcies in countries from Europe to North America. Lawmakers are floating ideas such as cash handouts, “beef” and “fish” shopping vouchers to support households, financial backstops for tourism and restaurant firms, who have been hit hard by the virus.
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