Tokyo: Japanese government on Tuesday approved a fresh economic stimulus package worth more than 28 trillion yen ($275 billion) to help revive the country’s stalling growth. According to Chief Cabinet Secretary Yoshihide Suga, the Cabinet has endorsed the package. It will be included in a supplementary budget for consideration by Parliament’s extraordinary session starting in September.

The package aims to push up Japan’s GDP by 1.3 per cent. It includes improved wages for child and elder care workers and support for small-scale companies and low income families. It also provides more spending on infrastructure for tourism and for reconstruction of disaster zones, including parts of northeastern Japan devastated by an earthquake and tsunami in 2011.

The package aims to push up Japan’s GDP by 1.3 per cent. It includes improved wages for child and elder care workers and support for small-scale companies and low income families. It also provides more spending on infrastructure for tourism and for reconstruction of disaster zones, including parts of northeastern Japan devastated by an earthquake and tsunami in 2011.

Prime Minister Shinzo Abe said: “We compiled today a strong economic package draft aimed at carrying out investment for the future”

The latest package includes 7.5 trillion yen in spending by the national and local governments. The Cabinet has also earmarked 6 trillion yen from the Fiscal Investment and Loan Program, which is not included in the government’s general budget.

Source: AP