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Japan Approves Emergency Budget

Service : Economy
TEHRAN, April 22 (ICANA) – Japan's government has approved an emergency budget of 4 trillion yens ($48.9 billion) for the earthquake and tsunami disaster relief in March.
Friday, April 22, 2011 1:17:20 PM
Japan Approves Emergency Budget

Six weeks after the devastating quake and tsunami in Japan, the government kept its promise of issuing no new bonds to fund the budget likely to be followed by more spending packages to fund reconstruction, Reuters reported.

The budget is expected to be submitted to the parliament later this month, and could be implemented in May. Finance Minister Yoshihiko Noda said, “The cabinet plans to submit the legislation to parliament on April 28 and hopes that the budget will be enacted as soon as possible.”

“With this budget, we are taking one step forward toward reconstruction after the Great Tohoku Earthquake and toward restarting the economy,” Noda told reporters after a cabinet meeting.

“It is notable that we compiled about a 4 trillion yen budget without issuing new JGBs (Japanese government bonds). It was quite difficult to bring the amount to 4 trillion yen, but we have worked it out.”

Japanese Prime Minister Naoto Kan said on Friday he planned to explain early next month how to revive the economy after last month's natural disaster.

On March 11, an 8.9-magnitude earthquake, off the northeast coast of Japan's main island, unleashed a 23-foot (7-meter) tsunami and was followed by more than 50 aftershocks.

The Japanese government declared a state of nuclear emergency, shutting down several atomic reactors in the quake-affected areas.

According to the National Police Agency, the number of the dead and missing from Japan's March 11 quake and tsunami now stands at over 28,000.

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