Japan plans to spend a record 55.7 trillion yen (USD 488 billion) on an economic stimulus package to assist the country recover from the effects of the Covid-19 outbreak, According to reports on Thursday,
The complete package, which includes funds that will not be spent immediately, will be valued 78.9 trillion yen and will be authorised by the Cabinet on Friday. Prime Minister Fumio Kishida's government intends to expand support for people and businesses, the package's value has turned out to be higher than projected.
The plan includes 100,000 yen cash and voucher handouts for children under the age of 18, pay increases for nurses and care workers, and financial aid of up to 2.5 million yen each for smaller businesses affected by the pandemic. In an extraordinary legislative session slated by the end of the year, the Japanese government hopes to enact a supplementary budget to pay the package, with a budget size of 31.9 trillion yen expected.