Japan enacts record budget to cushion COVID-19 impact

Tokyo, June 12 (SocialNews.XYZ) Japan's parliament on Friday enacted a record 31.91 trillion yen ($297 billion) second supplementary budget for the current fiscal year aimed at further cushioning the economic blow delivered by the coronavirus pandemic.

The record extra budget, approved by the upper house and enacted at a plenary session thereafter Friday, will finance an additional package of 117 trillion yen , with the latest spending plan aimed at continuing to provide fiscal support related to the coronavirus crisis, reports Xinhua news agency.

The supplementary budget for fiscal 2020, approved by the more powerful Lower House of Parliament on Wednesday and backed by the majority of opposition parties, prioritizes financial support being provided to small businesses suffering due to economic activities slowing severely as a result of the pandemic.

The package has also been designed to cater to medical workers who have been on the front lines providing emergency care for those infected with COVID-19.

Specifically, allocations in the extra budget include a system to provide subsidies for small businesses of 6 million yen to assist with rent payments, as well as sole proprietors hard-hit due to the adverse economic conditions as result of the pandemic.

Medical workers at facilities treating COVID-19 patients will be provided 200,000 yen each, while 100,000 yen will be given to members of staff at hospitals who have made beds available to patients infected with COVID-19.

This budget also earmarks 10 trillion yen as a reserve fund, 5 trillion yen of which will be split between improving medical services and helping companies keep their workers employed.

Japan has so far recorded 17,332 confirmed COVID-19 cases, with 922 deaths.

Source: IANS