Exhausted emergency fund may force Tokyo into debt and deep cuts
The Japan Times | Oct 30, 2020
Since the onset of the novel coronavirus, the Tokyo Metropolitan Government has spent more than 90% of its ¥934.5 billion contingency fund on countermeasures intended to safeguard the capital’s economy and keep the virus at bay.
While the money has served its intended purpose, it’s unclear how long it will take to rebuild the fund, much less whether the capital can afford to maintain virus countermeasures if and when another wave of COVID-19 strikes...
...By falling into debt and re-appropriating existing funds, the capital risks financial destabilization and the loss of its ability to respond to natural disasters or continue to shoulder the growing cost of the Olympic and Paralympic Games.
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