TOKYO, Reuters – Japan’s Parliament approved Monday the first additional budget for the fiscal year 2021, with a record $317 billion in spending. This was to aid the recovery of the country from the COVID-19 fallout, which further burdened the industrial world with its highest debts.

Budget of 36 trillion yen (317 billion dollars) earmarks money for COVID-19. It also includes cash payouts to families with children, and funds for tourism promotion.

It’s the most significant supplementary budget ever put into effect by the government. In the fiscal year ending in Japan, three additional budgets were issued by government.

This extra budget can be partially funded by 22 trillion yen in additional bonds that will be issued during the current fiscal year.

Fumio Kishida, Prime Minister of Japan, stated that his extra budget would be used to restore the COVID-hit country and create a positive cycle of wealth distribution and growth while also fixing the nation’s long-term public finances.

It is also aimed at encouraging tourism, providing corporate funding, stimulating growth in digital and green transformations, strengthening supply chains and semiconductor factories, as well as strengthening the budget.

It will also provide funding for government’s unprecedented 79 trillion-yen economic package. According to the government, the package which contains a record 55.7 trillionyen of spending will increase gross domestic product by about 5.6% — a figure that private sector economists believe is unrealistic.

Following the additional budget, an annual budget for fiscal year next will be created. These budgets will be available later in the week.

($1 = 113.5400 yen)