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Japan to add 3 trillion yen to 2013 reconstruction budget - Nikkei
January 21, 2013 / 6:12 PM / 5 years ago

Japan to add 3 trillion yen to 2013 reconstruction budget - Nikkei

(Reuters) - The government of Japan plans to set aside 4.5 trillion yen (31.65 billion pounds) for fiscal 2013, for rebuilding from the March 2011 disaster, adding 3 trillion yen on top of the current five-year framework for that purpose, the Nikkei reported.

To finance the extra portion of the budget, the government will increase issuance of reconstruction bonds, transfer unallocated funds in the pending fiscal 2012 supplementary budget, and sell government assets, including shares in Japan Post Holdings Co, the Japanese daily reported.

The government can also bill Tepco (9501.T) for decontamination and other costs stemming from the nuclear disaster, the paper said.

Reconstruction has proceeded under a five-year, 19 trillion yen budget framework based on a rough estimate of the costs of rebuilding from the disaster.

The cabinet will approve the fiscal 2013 budget of 93 million yen, which excludes reconstruction budget, on January 29, marking the seventh consecutive year of expansion in the general account.

The reconstruction budget will focus on repairing roads, ports and other infrastructure and will also provide incentives for companies to create jobs in disaster areas and financial aid for affected businesses, Nikkei said.

The paper said cleaning up the radioactive fallout from the Fukushima Daiichi nuclear meltdown also remained a priority.

Reporting by Krithika Krishnamurthy in Bangalore

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