Japan enacts second reconstruction budget worth USD 25.5 bn By TII News Service
Aug 01, 2011 , Tokyo
THE Japanese Parliament has enacted a second extra budget worth USD
25.5 billion to fund reconstruction efforts in the wake of the March 11
earthquake and tsunami that devastated east and northeastern regions of Japan.
The enactment of the second budget follows a previous 4.02 trillion yen (about
USD 51.2 billion) initial budget already sanctioned by the government in May.
The new budget will see 800 billion yen allocated solely for reconstruction
initiatives and 545.5 billion yen apportioned between local governments in areas
still reeling from the disasters.
In addition, a significant amount of
the funds will be earmarked to provide financial support to those rebuilding
damaged or destroyed homes and the budget will also be used to provide support
to Tokyo Electric Power Co. (TEPCO), operator of the troubled Fukushima No. 1
nuclear power plant, central to an ongoing nuclear crisis.
No new debt
will be issued to support the new budget and 1.45 trillion yen's worth of last
year's surplus funds will be tapped to help fund the new package.
