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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan drafts record budget to revive economy AFP - Sunday, December 21 TOKYO (AFP) - - Japan drafted a record 88.55 trillion yen (1.01 trillion dollar) budget for fiscal year 2009 in a bid to revive Asia's biggest economy, which is slipping deeper into recession, officials said. The finance ministry late Saturday proposed the general account budget for the fiscal year starting April, at an all-time high of 88.548 trillion yen, up 6.6 percent from the initial fiscal 2008 budget. The increase reflects an emergency economic package that Prime Minister Taro Aso announced earlier this month in a fresh bid to stave off a prolonged recession in the world's second-largest economy. Despite the expanded spending, the country's revenue "is likely to fall due to tough economic conditions, so the ratio and the amount of the government debt both will worsen," the finance ministry said in a statement. The ratio of government debt to revenue will increase to 37.6 percent in fiscal 2009 from 30.5 percent in fiscal 2008 to March, while the outstanding government debt will increase to 581.1 trillion yen from 563.2 trillion in fiscal 2008, it said. The ministry's draft will be thoroughly reviewed as Prime Minister Taro Aso will determine priority areas such as steps for job security and emergency economic measures, local media reported. Aso's cabinet is scheduled to adopt the final draft budget on Wednesday which then will be submitted to the parliament in January. Earlier this month, Aso unveiled a giant 255 billion dollar stimulus package, vowing that Asia's largest economy would be the first to beat a once-in-a-century financial "tsunami." Aso said that the new package would total 23 trillion yen, including measures to shore up corporate financing, loans for the growing number of workers losing temporary jobs and tax cuts for homeowners. The package comes on top of a 26.9 trillion yen stimulus which Aso unveiled in October. The government on Friday forecast zero growth for fiscal 2009, Japan's first zero growth forecast in real terms in seven years as its economy is battered by slowing demand overseas for its exports and a slump in domestic demand. The Bank of Japan Friday cut its already super-low interest rates to 0.1 percent to support the economy financially. The global economic crisis has plunged Japan into recession in the current year to March 2009, despite earlier government projections of growth. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China urges help for redundant migrant workersAFP - Sunday, December 21 Japan drafts record budget to revive economyAFP - Sunday, December 21 India, China can't compensate for lost US spendingAP - Sunday, December 21 Chinese company promises 2.6 billion dollar iron deal to Liberia: ministerAFP - Sunday, December 21 Related Articles: Business Oman c.bank says cuts reserve requirement to 5 pctReuters - 44 minutes ago Obama signals major shift in US trade policyAFP - 55 minutes ago Kuwait earns $4.6 bln in Nov, lowest in 8 monthsReuters - 1 hour 20 minutes ago Madoff: the 'big lie' that got bigger and biggerAFP - 1 hour 23 minutes ago Bahrain November inflation holds above 4 pctReuters - 1 hour 40 minutes ago Enlarge Photo Japan drafts record budget to revive economy Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Actress Jennifer Aniston appears naked in GQ magazine Oil prices mixed; New York contract expires below 34 dollars Let poor eat caviar: Milan authorities German Christmas cake theft sparks data scare View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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