Mon. Dec 6th, 2021

Japan is considering an economic stimulus package worth more than 30 trillion yen ($ 265 billion) aimed at easing the pain of the COVID-19 pandemic, a plan that will require the issuance of new debt, Kyodo reports News.

Part of the spending will come from funds transferred from last year’s budget, Kyodo reported late Sunday.

A government panel tasked with drafting a blueprint for Prime Minister Fumio Kishida’s so-called new style of capitalism is expected to issue proposals on Monday that will lay the backbone of the planned stimulus package.

Japanese Prime Minister Fumio Kishida has undertaken to implement a so-called new style of capitalism [FILE: Behrouz Mehri/Reuters]

Kishida has promised to put together a large-scale stimulus package this month, and the government intends to have it approved by parliament by the end of this year. However, Kishida has given few clues as to the potential size of the spending and the amount of additional debt.

The Yomiuri newspaper reported last week that about 2 trillion yen ($ 17.6 billion) was spent on cash payments to households with children – or 100,000 yen ($ 880) per child – as part of the stimulus plan.

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