TOKYO: Japanese Prime Minister KISHIDA Fumio at a cabinet meeting Friday instructed relevant ministers to draw up a set of economic measures, such as those for alleviating the fallout of the novel coronavirus pandemic.

Steps to support child-rearing families and businesses hit hard by the COVID-19 crisis will likely be the centerpieces of the package. The economic stimulus package is expected to be worth tens of trillions of yen.

Kishida, also president of the ruling Liberal Democratic Party, is planning to include the package in a series of policy pledges for the Oct. 31 election for the House of Representatives, the all-important lower chamber of the Diet, the country’s parliament, and formally adopt the stimulus measures after the election.

The Kishida government plans to compile a fiscal 2021 supplementary budget to finance the economy-boosting measures, aiming to have it enacted by year-end.

The prime minister, who took office Monday, told the cabinet meeting that the economic package will have four main themes–preventing the coronavirus from spreading, resuming social and economic activities and thoroughly managing risks while coexisting with the novel coronavirus, devising a growth strategy as the country works hard to end the pandemic and ensuring people’s safety and security.

The extra budget should be intensively used for local revitalization and economic security, Kishida stressed. “We will take thorough coronavirus measures and aim to start new capitalism backed by a virtuous cycle of growth and distribution.”

He said: “We aim to provide the public with a sense of security, as well as hopes, by overcoming the difficulties now facing us and creating a post-pandemic future. To attain this, we will come up with comprehensive and bold economic measures.

Kishida underlined the importance of showing prospects for the period until next spring in order to obtain cooperation from the public for reducing the movement of people, adding that the government will support the business operations and livelihoods of those in dire conditions.

JIJI Press