TOKYO: Japan's government will propose holding annual International Monetary Fund and World Bank meetings in Tokyo next year as a show of support for the country's efforts to recover from the earthquake and tsunami two months ago, Finance Minister Yoshihiko Noda said on Friday.
Japan's proposal has informal support from other countries and would mark the first time in 48 years that Japan would host the IMF and the World Bank, Noda said. IMF countries are likely to make their formal decision on the proposal early next month, he said.
"We want to hold this meeting to show that Japan and areas damaged by the disaster are recovering," Noda told reporters after a cabinet meeting.
"This will also be a chance to showcase Asia as an engine of growth in the global economy."
Almost all of the meetings would be held in Tokyo, but it is possible for members of some meetings to visit parts of Japan's northeast coast that were battered by the natural disaster, Noda said.
Japan is facing its worst crisis since World War Two after the 9.0 magnitude earthquake and a tsunami towering more than 10 metres battered its northeast coast on March 11, leaving more than 24,000 dead or missing and triggering nuclear meltdowns at a power plant.The government estimates the material damage alone could top $300 billion, making it by far the world's costliest natural disaster.
Japan's parliament passed earlier this month a $50 billion emergency budget to clear wreckage and provide temporary housing. Noda said the government would consider another small spending package to cover anything left behind in the first emergency budget.
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