Japan's parliament has enacted a record supplementary budget worth over $300 billion in a bid to bolster its pandemic-hit economy
Prime Minister Fumio Kishida said his first extra budget was aimed at restoring the Covid-hit economy.
Monday's approved budget earmarks funds for tackling Covid-19, including to secure vaccines and drugs, while it also features cash payouts for families with children and funds for the promotion of tourism.Prime Minister Fumio Kishida said his first extra budget was aimed at restoring the Covid-hit economy and achieving a virtuous cycle of growth and wealth distribution while fixing the country's public finances in the long run.
It will also be a source of funding for the government's record $695 billion economic package unveiled last month.The government says the package, which includes a record $490 billion in spending, will boost gross domestic product by around 5.6 percent – an estimate private-sector economists say is too optimistic.
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