TOKYO, Dec. 15 (Xinhua) -- Japan's House of Representatives Wednesday approved a record 36.0 trillion yen (320 billion U.S. dollars) supplementary budget for fiscal 2021 to prop the economy hit by the COVID-19 pandemic.
The budget will fund part of the government's new stimulus measures which were launched in mid-November to support the coronavirus-hit economy and prepare for a possible winter wave of COVID-19 infections, government officials said.
Under the supplementary budget, 18.6 trillion yen (163.5 billion dollars) will be used for measures to control the spread of the virus and improve medical care systems, 2.0 trillion yen (17.6 billion dollars) of which is intended to secure more beds for COVID-19 patients in hospitals.
Another 1.3 trillion yen (11.4 billion dollars) will be prepared for the government's COVID-19 vaccine program.
Around 1.2 trillion yen (10.6 billion dollars) is earmarked for the government's distribution of 100,000 yen (879 dollars), which was finally decided to be sent entirely in cash, for children aged 18 or younger in households where the main earner's annual income is less than 9.6 million yen (84,400 dollars).
The extra budget had been approved by Prime Minister Fumio Kishida's cabinet late last month and submitted to the lower house on Dec. 6, and is expected to clear the House of Councillors on Monday, according to the officials.
The supplementary budget requires the issuance of new government bonds worth 22.1 trillion yen (194.3 billion dollars), forecast to swell Japan's already huge debt, which has been more than twice the size of its economy and the worst among industrialized countries in recent years.
In addition to the extra budget, the stimulus will be funded by the initial budget for fiscal 2022 planned to be compiled later this month and reserve funds for fiscal 2021 to fight the pandemic, which the government can use without approval from the parliament. Enditem
