Japan may need 3 extra budgets to finance reconstruction work in tsunami struck areas: MinisterMarch 22nd, 2011 - 6:05 pm ICT by ANI
Tokyo, Mar 22 (ANI): Japanese National Policy Minister Koichiro Gemba has said that the government might need to create three different supplementary budgets for fiscal 2011 to finance reconstruction work in the earthquake-cum-tsunami struck country.
‘Damage is widespread. Drawing extra budgets twice will likely not be sufficient,’ the Kyodo news agency quoted Gemba, as saying.
His comments have came after some senior DPJ lawmakers, including Secretary General Katsuya Okada, recently said that the government would have to compile at least two supplementary budgets for the year starting next month to overcome the damage done by the 8.9 magnitude earthquake and tsunami on March 11.
Following the 1995 Great Hanshin earthquake that had struck western Japan, the government had reportedly formed three extra budgets worth a total of over fouur trillion yen (around 50 billion dollars).
DPJ’s Diet Affairs chief Jun Azumi had said on Monday that the ruling party members have been demanding for public expenditure of ‘tens of trillion yen’ for reconstruction works.
Meanwhile, Finance Minister Yoshihiko Noda has said that the ruling and opposition parties should hold immediate discussions on budgets to deal with the problem.
‘I would like to benefit from the expertise’ of the opposition camp, Noda told the House of Councillors Budget Committee.
The tsunami has not only led to loss of properties and lives, but also damaged one of the country’s major nuclear power plants, Fukushima, which has now raised concerns across the world over harmful radioactive materials coming out of it. (ANI)
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Tags: azumi, billion dollars, budget committee, budgets, fukushima, gemba, great hanshin earthquake, katsuya okada, kyodo news agency, magnitude earthquake, noda, nuclear power plants, opposition camp, opposition parties, party members, public expenditure, radioactive materials, reconstruction work, ruling party, western japan