Categories: Business

Japan approves $ 1,100 billion for Covid-19 relief package, small businesses will get subsidy

Photo: AFP

Japan approves second stimulus package amid COVID-19

Tokyo Japan's cabinet on Wednesday approved a supplementary budget of 32,000 billion yen ($ 296 billion). This budget will help create a $ 1,100 billion fund to save the economy from the Kovid-19 crisis. This additional fund will help save small businesses, improve medical services and subsidize local bodies.

This fund will also finance preparations to deal with any kind of infectious diseases in future. Japan, the world's third-largest economy, has been experiencing a slowdown since the last quarter. This Kovid-19 epidemic had been undergoing softening since before the outbreak.

Prime Minister Shinzo Abe said in a meeting with officials on Wednesday that the total incentive package would be 2,30,000 billion yen ($ 2,100 billion). This is equivalent to about 40 percent of Japan's economy. He said that he will save the country's economy from this current crisis which comes once in centuries.

This post was published on May 28, 2020 1:06 am

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