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Japan government announces disaster relief budget | |
(40 minutes later) | |
The Japanese government has announced a 4 trillion yen ($48.9bn; £29.6bn) emergency budget for disaster relief, after March's earthquake and tsunami. | |
The budget is expected to be submitted to parliament later this month, and could be implemented in May. | The budget is expected to be submitted to parliament later this month, and could be implemented in May. |
Authorities say no new bonds were issued to fund the spending, to prevent adding to Japan's huge public debt. | Authorities say no new bonds were issued to fund the spending, to prevent adding to Japan's huge public debt. |
The government estimates it will cost as much as 25tn yen to rebuild the country. | The government estimates it will cost as much as 25tn yen to rebuild the country. |
The emergency budget is aimed at disaster relief, including providing temporary housing, restoration of infrastructure and disaster-related loans. | |
The 11 March earthquake left more than 27,000 people dead or missing. | |
It also destroyed infrastructure in the north-eastern part of Japan and triggered a nuclear disaster. | |
Prime Minister Naoto Kan has said this could be the first of several extra budgets needed to fund reconstruction. | |
Financing | |
The budget will be financed by taking 2.5tn yen from pension funds, as well as money set aside to increase payments to families with children. | |
Money from emergency reserves is also being used. | |
The Ministry of Finance said on Friday that it would issue an extra 2tn yen in government bonds to increase loans to businesses affected by the disaster. |