Seoul: The rival parties in South Korea have reached a consensus to pass a supplementary budget totaling 13.8 trillion won (US$9.6 billion). This budget aims to support disaster response initiatives and boost the national economy, marking an increase from the government’s initial proposal of 12.2 trillion won.
According to Qatar News Agency, Democratic Party (DP) floor leader Park Chan-dae and his counterpart from the People Power Party, Kweon Seong-dong, confirmed the agreement to approve the revised budget during a parliamentary plenary session. The decision includes an allocation of 400 billion won for local currency vouchers, a figure that is significantly lower than the 1 trillion won initially advocated by the DP. This allocation is intended to support small merchants and self-employed individuals.
The parties have also consented to reinstate funds that were previously cut from special activity budgets for both the prosecution and the state audit agency.
In the domain of livelihood spending, an additional 170 billion won has been assigned to offer discounts on agricultural, livestock, and fisheries products, aiming to stabilize market prices. The budget for university scholarships is set to increase by 115.7 billion won. Furthermore, 30 billion won has been designated for flood prevention measures in preparation for the upcoming summer season.