News Brief: IMF Management Welcomes Japanese Economic Package

September 20, 1995

IMF Management Welcomes Japanese Economic Package

The management of the International Monetary Fund (IMF) welcomed the substantial economic stimulus package totaling Y14 trillion announced by the Government of Japan today.

IMF Managing Director Michel Camdessus said: "This new package will provide a significant boost to the Japanese economy. It is well in line with what was considered appropriate in our ongoing discussions with the Japanese authorities. Together with the latest cut in the official discount rate and recent actions that have contributed to an orderly decline of the yen, the new package should place the economy firmly on a path of sustained economic recovery. The authorities are now in a stronger position to address decisively the remaining problems of the financial sector and to accelerate structural reform.

"In due course, as the recovery becomes entrenched, it will be critical to resume fiscal consolidation," Camdessus said.


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