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South Korea's National Assembly Reaches Bipartisan Deal on 13.8 Trillion Won Budget

The revised supplementary budget, set for approval today, allocates increased funds for wildfire recovery, economic relief, and infrastructure projects.

National Assembly Speaker Woo Won-shik (C) poses for a photo with Kweon Seong-dong (L), floor leader of the ruling People Power Party, and Park Chan-dae, floor leader of the main opposition Democratic Party, during their meeting at Woo's office in Seoul in this March 18, 2025, file photo. (Pool photo) (Yonhap)
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Overview

  • The People Power Party and Democratic Party agreed to a 13.8 trillion won supplementary budget, exceeding the initial proposal by 1.6 trillion won.
  • Key allocations include 400 billion won for local gift certificates to support regional economies and 200 billion won for wildfire recovery and agricultural discounts.
  • An additional 800 billion won is earmarked for infrastructure investments, including rental housing, roads, and railways, addressing a construction sector downturn.
  • The budget restores previously cut funds for prosecution special activities and the state audit agency, reflecting renewed oversight priorities.
  • Lawmakers plan to finalize and approve the revised budget during a plenary session later today.