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Japan to offer $112bn safety net to companies hit by pandemic

Japan to Offer $112bn Safety Net to Companies Hit By Pandemic

TOKYO – The government of Japan will provide assistance to businesses of 12 trillion yen ($111.62 billion) to help them deal with the latest coronavirus effects.
Japan’s Development Bank and public-private funds will use subordinated acquisitions of debt and equity to help businesses that have seen their finances deteriorates as a result of the pandemic.
Once the epidemic subsides, it will also allow them to restructure.
Despite the end of the crisis not yet in sight, the government is working to strengthen its corporate safety net, providing fast assistance to distressed businesses. The funds will be part of an extra budget and the Fiscal Expenditure and Loan Program is expected to be set up later this month.
For the 12 trillion yen, about half are projected to be subordinated loans from Japan’s Development Bank, the Japan Finance Corporation, and other financial institutions associated with the Government.
Subordinated debt funding would raise liquidity for businesses. Word is this will avoid credit downgrades and make it easier for companies to receive additional financing from other lenders.
The government-affiliated borrowers would not be actively active in corporate management, which will make receiving the funds simpler for businesses.
The remaining 6 trillion yen will come through investment and other frameworks. The government will plan funding for investment in growth and restructuring through the Japan Investment Corporation for large and medium-sized enterprises, along with doubling the current 100 billion yen investment framework established by the Development Bank of Japan.
It plans to use Japan’s National Economy Vitalization Corporation to boost regional funding and revive companies for small and medium-sized enterprises. The government will also create a bond-buying fund.
(Sahar News Monitoring Desk)

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