TOKYO, Sept. 29 (UPI) -- The Japanese Cabinet Monday approved about $17 billion in supplementary budget for projects to lessen senior citizen medical costs and for disaster prevention.
The money, allocated for fiscal 2008 ending next March, will also be used to promote a low-carbon society, enhance competitiveness of the domestic farm and fishery industries, support small businesses and aid local governments, Kyodo news service reported.
The supplementary budget is part of a $110 billion emergency policy package to ease the impact on the economy from sharply higher energy and raw material costs.
Finance Ministry officials the supplementary budget will be financed through such measures as issuance of $3.7 billion in construction bonds, using part of the surplus from the previous fiscal year, slashing an estimated $10 billion in wasteful spending and tapping reserves for interest payments on Japanese government bonds due to lower-than-expected interest rate levels, the report said.
Officials said the government decided against issuing deficit-covering bonds to maintain fiscal discipline.
