Japan's govt finalises $19 billion extra budget to subsidise surging fuel costs
Source: BBC
Japanese Prime Minister Sanae Takaichi's government on Wednesday finalised a $19 billion supplementary budget for this fiscal year to cushion the impact of rising energy costs on households amid the risk of a prolonged Middle East crisis.
The 3.1 trillion yen ($19.47 billion) extra budget will be funded entirely through deficit-financing bonds, with the government seeking to avoid increasing overall bond issuance to the market by offsetting it with stronger tax revenues and non-tax income, News.az reports, citing Reuters.
The additional spending will primarily replenish contingency reserves used to subsidise gasoline costs and utility bills as tensions in the Middle East continue.
By Faig Mahmudov
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