Ruling and Opposition Parties Agree on Review Schedule for 4th Supplementary Budget, to be Processed in Plenary Session on 22nd

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The Democratic Party of Korea and the People Power Party agreed on the 15th to hold a plenary session on the 22nd to process the 4th supplementary budget bill.

Park Hong-geun, the Democratic Party secretary of the National Assembly's Special Committee on Budget and Accounts, and Choo Kyung-ho, the People Power Party secretary, held a press conference that afternoon to announce the review schedule. Park said, "Six people, including the floor leaders and deputy floor leaders of both parties and the secretaries of the Budget Committee, met and agreed on the schedule for reviewing and processing the 4th supplementary budget," adding, "Everyone agreed on the principle that a thorough and substantial review is necessary."

Accordingly, the ruling and opposition parties will hold a full meeting of the Budget Committee from 10 a.m. on the 18th to conduct a proposal explanation and comprehensive policy inquiry. After reviewing the materials over the weekend, the supplementary budget review subcommittee will be activated at 8 a.m. on the 20th. Following this, the plan is to process the 4th supplementary budget bill at the plenary session at 2 p.m. on the 22nd.

Representative Choo said, "If a final agreement is not reached, it may be delayed a little more."

So far, the Democratic Party has demanded that the 4th supplementary budget be processed within this week, but the People Power Party has shown a negative stance. Regarding the sudden agreement, Representative Choo said, "Considering the urgency and seriousness of the matter, the schedule is tight for reviewing the supplementary budget, but we will try to complete it as soon as possible while conducting a meticulous review with a microscope."

Park added, "Since it was a discussion about the schedule, there was no separate discussion about each project submitted in the supplementary budget."

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