7 November 2001, 09:33 Shiokawa - No plans for 2nd extra budget; may consider some more spending
TOKYO (AFX-ASIA) - Finance Minister Masajuro Shiokawa said he has
no plans to compile a second supplementary budget, though he added that
he is ready to accept any criticism over the government's current
economic policy.
Shiokawa was speaking after a meeting of the Cabinet this morning
that approved the draft of the existing supplementary budget.
"I want to discuss the economic problem when we submit the next
fiscal year's budget to the parliament in early December but I don't
have any idea of compiling a controversial second supplementary
budget," he said.
"I am saying we would accept any criticism over our existing
policy. If there are effective measures that will promptly boost the
economy in the area of public works projects, there is room to consider
spending further," he said.
"But the measures need to help progress in structural reforms. I
think there is nothing where this is necessary."
Asked about increased calls for more spending, even from some
ministers, Shiokawa said: "There has been no political action taken by
such ministers. These voices reflect the public's fears that the
economy could collapse."
He added: "I have a different opinion than that of private-sector
economist about Japan's strength. I believe Japan still has the
strength to purchase and supply goods and services. The problem is the
people don't know what to buy."
When cheaper quality goods are offered to the public, there is
strong demand, indicating continued appetite for spending, he said.
© 1999-2024 Forex EuroClub
All rights reserved