Rival parties reach final agreement on national budget for 2024
Lawmakers from the two major rival parties and their floor leaders pose for a photo after they reached an agreement on next year's budget plan at the National Assembly in Seoul, Dec. 20. Yonhap
The rival parties finalized the national budget for next year and agreed to pass it through the National Assembly later this week, both sides said Wednesday.
The ruling People Power Party (PPP) and the main opposition Democratic Party of Korea (DPK) agreed to cut a net 4.2 trillion won ($3.2 billion) from the government's original proposal of 656.9 trillion won, Rep. Kang Hoon-sik of the DPK said.
The two sides also agreed on a 600 billion-won budget increase for the research and development sector in order to invest in next-generation technologies and improve the working conditions of researchers.
A budget increase of 300 billion won was earmarked for the government's local voucher program, issued to boost spending at local businesses, as well as a 300 billion-won budget expansion for the government's development project of the reclaimed wetland of Saemangeum.
The two sides will hold a vote on the budget at 10 a.m. Thursday. (Yonhap)