TOKYO, Dec 15 (Reuters) – Japan’s lower house of parliament on Wednesday passed the government’s biggest-ever extra budget worth $316 billion as it looks to spur a recovery from COVID-19 pandemic.
The first extra budget under new Prime Minister Fumio Kishida underscored the challenge of juggling hefty spending to protect the crisis-hit economy while managing the industrial world’s heaviest debt burden.
Kishida’s government has set its priority on reviving growth near-term over fiscal reform in the long run, targeting wealth-distribution to citizens under his “new capitalism” aimed at generating a virtuous cycle of wage hikes and economic growth.
Register now for FREE unlimited access to reuters.com
Register
The extra 36 trillion yen ($316 billion) in spending for this fiscal year will be partly financed by additional government bonds worth some 22 trillion yen.
The supplementary budget will be followed by the compilation of an annual…
