Japan approves emergency budget for disaster relief

Japan approves emergency budget for disaster relief

2011-04-22 09:10:50 GMT+7 (ICT)

TOKYO (BNO NEWS) -- The Japanese government on Friday approved a 4 trillion yen ($48.89 billion) emergency budget to finance the early phase of reconstruction following the March 11 earthquake and tsunami, Japan Today reported.

The budget will be submitted to parliament next Thursday and is expected to be enacted in May. It would cover the costs of restoration work such as clearing rubble in northeastern Japan and building temporary housing for victims of the disaster.

The biggest portion of the budget, about 1.20 trillion yen ($14.64 billion), would go to public works projects, such as the restoration of roads, ports and farmland.

The government will forgo new debt issuance in an attempt to restore Japan's fiscal health, the worst among major developed countries. The ruling Democratic Party of Japan has instead secured over 92% of funding sources by shelving or giving up its earlier determined outlays.

Some lawmakers and government officials have said the country's emergency spending for the year through next March could total more than 10 trillion yen ($122 billion).

The 9.0-magnitude and its resulting tsunami has left at least 14,159 people killed and some 13,000 people remain missing. Japanese officials have called it the worst crisis since the end of World War II.

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