TOKYO, 27th August, 2024 (WAM) – The Japanese government plans to additionally spend around 980 billion yen, from reserves in its fiscal 2024 budget, on subsidies to curb electricity, gas and gasoline bills,Jiji Press reported Tuesday.
At a liaison meeting between the government and the ruling parties on Tuesday, Prime Minister Fumio Kishida said that his cabinet plans to approve the additional spending on 3rd September.
The government once ended the subsidy programme in May, but reinstated it for August through October as a measure to cope with smothering summer heat. It has decided to continue it until the end of this year.
A total of more than 10 trillion yen has so far been spent on the subsidy programme, which was introduced in response to a surge in global energy prices.
The electricity and gas subsidies are designed to cut electricity bills by 4 yen per kilowatt-hour and gas bills by 17.5 yen per cubic meter in August and September. The subsidies will be reduced in October.