Arab Today, arab today japan pm govt \will stall\ without bond bill
Last Updated : GMT 00:23:06
Arab Today, arab today
Arab Today, arab today

Japan PM: govt \'will stall\' without bond bill

Arab Today, arab today

Arab Today, arab today Japan PM: govt \'will stall\' without bond bill

Tokyo - AFP

Large parts of Japanese public life will grind to a halt unless lawmakers manage to break a political deadlock and pass a new financing bill, Prime Minister Yoshihiko Noda warned Monday. In an appeal for cross-party consensus Noda said at the start of an extraordinary session of parliament that the day-to-day running of government will seize up without agreement on the bill allowing Tokyo to issue new bonds to cover its spending. \"If the current situation continues, bread-and-butter administrative services will stall to the extent that it will have a great impact on people\'s lives, which in turn could be an obstacle to economic recovery,\" he told parliament. \"No government will be able to finance its workings without a special public-bond bill,\" he said. \"Already we see limits on carrying out budgeted local government policies.\" A bill to expand the amount of money that Japan can borrow has fallen foul of politicking, with the opposition refusing to co-operate until they have extracted a definite promise from Noda on when he will call elections. \"Will we return to a futile factional confrontation which prioritises the fight over political power, or will we take the action that needs to be taken and have a debate focused on policies?\" said Noda. \"We have to seek legislation as soon as possible, while having candid discussions among ruling and opposition blocs to seek a solution. \"Let\'s stop the bad habit of taking the annual bond bill hostage and using it for political leverage.\" Japan relies heavily on borrowing to finance its regular spending, creating an ever-worsening public debt problem. The International Monetary Fund says it will owe the equivalent of 245 percent of its approximately $5 trillion gross domestic product next year, the highest among industrialised nations. Tokyo has a budget deficit of 10 percent and the government began warning in September that it was facing a severe cash crunch because of the political deadlock. Then-Finance Minister Jun Azumi said public reserves would \"mostly dry up at the end of November\". Tokyo has not been forced to halt budgetary spending due to a funding shortage since the end of World War II, according to the finance ministry. The affected spending includes tax grants to municipalities, aid for universities and support for government-linked companies, the ministry said in September. Payments to service debts and funding of social security, defence, policing, maritime security, and disaster handling would continue. The opposition-controlled upper house in August censured Noda as part of its campaign to bounce him into elections. The non-binding motion was a symbolic wrist slap signalling their refusal to work with his cabinet, and has tied up passage of any new law. Noda is under pressure after spending a lot of his political capital over the summer as he forced through a bill on doubling sales tax -- in part to begin closing Japan\'s yawning debt hole. Despite the fact that most independent commentators, academics and international bodies agreed it was a sensible thing to do, the opposition had to be cajoled into supporting it. The prime minister swapped a vague promise of an election \"sometime soon\" in exchange for their votes, but his unwillingness to flesh out that promise has irritated his opponents. Opinion polls suggest his ill-disciplined Democratic Party of Japan will fare badly at the ballot box, with voters disillusioned by their three years in power. However, the main opposition Liberal Democratic Party has largely failed to capitalise on Noda\'s sinking approval ratings and many observers predict a popular vote will prove inconclusive. The current extraordinary session of parliament is due to run until November 30.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan pm govt \will stall\ without bond bill Arab Today, arab today japan pm govt \will stall\ without bond bill

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday