Japan Not Planning to Sell New Debt to Fund Package, Ibuki Says
Japan's government isn't considering selling new bonds to fund an economic stimulus package that will be unveiled next week, Finance Minister Bunmei Ibuki said.
“I'm not making the assumption that the government will issue bonds'' to finance the relief measures, Ibuki said at a press conference in Tokyo today. He said the package may be funded by an extra budget for the current fiscal year as well as next year's regular budget.
Economic and Fiscal Policy Minister Kaoru Yosano said the government needs to discuss how to fund the measures, which are aimed at helping companies and households facing rising food and fuel costs quick payday. Ibuki said he hasn't received any instructions from Prime Minister Yasuo Fukuda to compile a supplementary budget.
The government is able to compile an extra budget worth 2 trillion yen to 3 trillion yen ($18 billion to $27 billion) without selling new bonds, Makoto Koga, the ruling Liberal Democratic Party's chairman for election strategy, said Aug. 17.
Filed under: business by Guru