Ruling and Opposition Parties Tentatively Agree on 607 Trillion KRW Net Increase in Next Year's Budget (Update)
Total Expenditure Increased by 3 Trillion Won Compared to Government Proposal
Yoon Ho-jung, the floor leader of the Democratic Party of Korea, is attending the party strategy meeting held at the National Assembly on the 30th and delivering opening remarks. Photo by Yoon Dong-ju doso7@
View original image[Asia Economy Reporter Jang Sehee] The ruling and opposition parties have reached a tentative agreement on next year's budget, totaling 607 trillion won, which is about 3 trillion won more than the government's submitted proposal of 604 trillion won.
Yun Hojung, Floor Leader of the Democratic Party of Korea, and Kim Gi-hyeon, Floor Leader of the People Power Party, agreed on this during a budget consultation held at the National Assembly on the afternoon of the 1st.
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According to key officials attending the meeting, revenue budget was increased by 4.7 trillion won, and expenditure budget was cut by 5.6 trillion won within the government's submitted range. Additionally, total spending will be expanded by about 3 trillion won compared to the government's proposal.
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