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Japan plans $33 billion budget for Abe's spending programme, draft version shows
August 22, 2016 / 3:22 PM / a year ago

Japan plans $33 billion budget for Abe's spending programme, draft version shows

TOKYO (Reuters) - Japan’s government is preparing a $33 billion supplementary budget to help fund Prime Minister Shinzo Abe’s economic stimulus package, largely financed by construction bonds, according to a draft seen on Monday by Reuters.

Japan's Prime Minister Shinzo Abe speaks at a news conference at his official residence in Tokyo, Japan, August 3, 2016. REUTERS/Kim Kyung-Hoon

The 3.2869 trillion yen ($32.75 billion) programme, the second supplementary budget for the fiscal year started in April, includes the issuance of 2.75 trillion yen in bonds earmarked for construction projects, the draft shows.

Abe’s cabinet is to approve the draft on Wednesday and submit it to parliament next month, said an official involved in the process.

The budget covers the national-government portion for this fiscal year of a multi-year stimulus package approved by the cabinet on Aug. 2. The package has a headline figure of 28.1 trillion yen, including 7.5 trillion yen in combined spending by the national and local governments.

($1 = 100.3700 yen)

Reporting by Takaya Yamaguchi; Writing by William Mallard; Editing by Larry King

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