Historic Agreement Reached on Supplementary Budget

In a landmark decision, South Korea's ruling People Power Party and the main opposition Democratic Party of Korea have come together to approve a supplementary budget bill totaling 13.8 trillion won. This agreement marks a significant step forward in addressing the nation's pressing economic and social needs.

Key Allocations in the Supplementary Budget

The supplementary budget sees an increase of 1.6 trillion won from the government's initial proposal. Notable allocations include 400 billion won for local currency, a pivotal policy of Democratic Party’s presidential candidate Lee Jae-myung, and 200 billion won for wildfire recovery and agricultural support. Additionally, 50 billion won has been dedicated to combating public safety crimes, and 800 billion won for social overhead capital projects.

Next Steps

The National Assembly is set to convene a plenary session to formally approve the supplementary budget bill, signaling a unified effort to bolster South Korea's economy and address critical societal challenges.