Ruling, Opposition, and Government All Disagree... Finance Committee Ends Meeting Without Approving Supplementary Budget

Bill moves to Budget Committee
After agreeing on increase scale
Government likely to submit revised proposal

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance. / Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Hyun-joo] The National Assembly's Planning and Finance Committee adjourned the meeting without approving the supplementary budget bill worth 14 trillion won submitted by the government.

On the 8th, the Budget and Accounts Subcommittee of the Planning and Finance Committee reviewed the first supplementary budget bill of the year but ended the meeting without approval due to disagreements among the ruling party, opposition, and government regarding the revenue budget.

According to political circles, both the ruling and opposition parties demanded an increase in the supplementary budget. The ruling party requested government bond issuance, while the opposition demanded restructuring of this year's main budget expenditures, resulting in no agreement. The government reportedly expressed that demands for expenditure restructuring and reduction of contingency funds were unacceptable.

Accordingly, it is expected that the supplementary budget bill will be processed by the Special Budget and Accounts Committee after the ruling and opposition parties agree on the increase amounts by standing committees and the total expenditure is finalized, followed by the government submitting a revised bill.

The previous day, the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee and the Health and Welfare Committee approved an increase of 40 trillion won, raising the supplementary budget from 14 trillion won to 54 trillion won.

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