TOKYO : Japan must deploy fiscal stimulus without hesitation in response to the economic crisis and prioritise efforts to shore up the economy over fixing its tattered public finances, the government's draft guidelines for the fiscal 2022 budget showed.
"We will deploy necessary fiscal spending without hesitation in response to crisis and take all possible measures" to defeat deflation, the draft read."We must not put the order wrong. We will restore the economy and then tackle fiscal reform." The guidelines are expected to be approved by Prime Minister Fumio Kishida's cabinet later this month. They will provide the basis for the next fiscal year's budget to be compiled later this month.
The fiscal 2022 budget will be coupled with this year's extra budget with a record spending of 36 trillion yen to ensure seamless spending over 16 months to cushion the blow from the COVID-19 pandemic.
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