Ruling and Opposition Parties Agree on 2.2 Trillion Won Net Increase in Next Year's Budget... To Process on the 2nd (Update)

Total 555.8 trillion → 558 trillion
3rd Disaster Relief Fund 3 trillion... Vaccine 900 billion Reflected

[Image source=Yonhap News]

[Asia Economy Reporters Kim Hyemin and Im Chunhan] The ruling and opposition parties agreed on the next year's budget totaling 558 trillion won on the 1st, one day before the legal deadline for budget approval.

The Democratic Party and the People Power Party announced that their floor leaders Kim Tae-nyeon and Joo Ho-young, along with the Budget and Accounts Special Committee secretaries Park Hong-geun and Chu Kyung-ho, held a meeting that morning and reached this agreement.

The ruling and opposition parties decided to increase the government-submitted budget of 555.8 trillion won by 7.5 trillion won and reduce it by 3.3 trillion won. The net increase is 2.2 trillion won, finalizing next year's budget at 558 trillion won.

The budget for the third round of disaster relief funds to support industries and groups affected by the third wave of the novel coronavirus infection (COVID-19) was set at around 3 trillion won. The budget necessary to secure COVID-19 vaccine supplies was finalized at 900 billion won.

Next year's budget will be processed at the plenary session at 2 p.m. on the 2nd, the legal deadline for approval.

This content was produced with the assistance of AI translation services.