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Japan's PM pushes crisis package to boost economy
Monday, September 29, 2008 10:37 [IST]

 

Tokyo: Japan's new Prime Minister Taro Aso, off to a rocky start after a minister quit just days into the job, sought today to get back on track with crisis funding to revive Asia's largest economy.

Aso's cabinet, which took office last week, approved 17 billion dollars in emergency funding to help consumers, companies and farmers cope with high fuel costs and Wall Street's meltdown.

A champion of government spending to boost the economy, he was expected to outline his economic priorities in a policy speech to parliament customary for a new prime minister at 0500 GMT.

Japan is teetering on recession, and the 1.81 trillion yen budget approved by cabinet today is part of an 11.7 trillion yen emergency package announced by Aso's predecessor Yasuo Fukuda in late August. But Aso can expect a tough battle with theA=M%Q%=9which controls one house of parliament and scored an easy first blow when his transport minister quit Sunday over a series of controversial statements.

The opposition says it wants discussions with the government on the extra budget, which some economists argue is too small to boost the world's second largest economy, threatening a difficult passage through parliament. Aso has vowed to make the emergency economic measures his first priority, and hinted he would call snap general elections if the budget gets too bogged down. But Chief Cabinet Secretary Takeo Kawamura, spokesman for Aso's government, insisted the prime minister would not call general elections without at least starting debate on the budget.


Source : PTI

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