Japan approves extra budget for economic stimulus package

October 16th, 2008 - 7:42 pm ICT by IANS  

Tokyo, Oct 16 (DPA) The Japanese parliament Thursday approved a supplementary budget of 1.81 trillion yen ($17.85 billion) for the 2008 fiscal year through March, mainly to finance the government’s economic stimulus package amid the global financial crisis.The stimulus package allocates 446.9 billion yen to measures to support small businesses and 188.1 billion yen to promote energy-saving efforts and to help the agriculture and fisheries industries deal with higher oil prices.

About 351.8 billion yen of the extra budget will go to reduce the financial burden on the elderly under a medical insurance programme introduced last April, while 729.6 billion yen will be spent for disaster prevention measures.

The government and the ruling parties were expected to propose additional economic measures to help tackle the global financial crisis.

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