Japan government to earmark $10.1 billion for infrastructureStaff Writer | December 3, 2018
The government plans to allocate ¥1.15 trillion ($10.1 billion) in a second supplementary budget for fiscal 2018 to fund measures to strengthen infrastructure following a string of natural disasters earlier this year, a source said Sunday.
Asia Prime Minister Shinzo Abe
The size of the second supplementary budget could total roughly ¥2 trillion, as it will also cover steps to strengthen the farm sector as competition is expected to intensify with imported agricultural products after an 11-nation trade pact called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership takes effect in late December.
The extra budget is also intended to shore up Japan’s economy following a contraction in the July-September quarter and soften the impact of an expected drop in demand after the consumption tax is raised to 10 percent from the current 8 percent in 2019.
The government will formally approve the budget plan at a ministerial meeting to be held in mid-December. ■