The ruling and opposition parties have tentatively agreed on a budget of 607 trillion won, a net increase of 3 trillion won from the government bill for next year. The budget bill will be processed at the plenary session on the 2nd, the statutory deadline.
Minjoo Party floor leader Yun Ho-jung, People’s Power floor leader Kim Ki-hyun, and Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki reached an agreement on the budget through consultations on the budget at the National Assembly on the afternoon of the 1st.
Han Byung-do, senior deputy floor leader of the Democratic Party of Korea, met with reporters and said, “In consideration of small business owners suffering from management difficulties due to COVID-19, we have agreed to increase the revenue budget by 4 trillion won or more. has decided to reduce the amount to more than 5 trillion won,” he said.
He said, “Excluding the 2 trillion won in grant tax that reflects the legal obligations according to the change in the revenue budget, and the reduction in issuance of government bonds, the remaining financial resources are expanded customized support such as compensation for losses for small business owners, reinforcement of the quarantine medical budget in consideration of the quarantine situation, and support for livelihood issues such as the vulnerable class of farmers and fishermen We agreed to use it first,” he said.
Rep. Maeng Seong-gyu, secretary of the Minjoo Party’s special committee on budget and settlement of the National Assembly, said, “The size of the reduction has been tentatively agreed upon, and the total budget will be created when the need for the increase is confirmed through discussions between the secretaries. said.
Specific requirements for the increase, such as an increase in the local currency budget and expansion of loss compensation for small business owners, where there is a difference of opinion between the opposition and the opposition, will be decided through additional consultations between the secretaries of the opposition and opposition parties. The budget for implementing the labor union agreement between the health and medical union and the Ministry of Health and Welfare was 368.8 billion won, which was reviewed as an increase in the budget at this pre-decision committee after the National Assembly Health and Welfare Committee reached an agreement. The detailed budget size is said to require further consultation.
An official from the National Assembly said, “Overall, positive results are expected.” “The details need to be confirmed later.”
With the agreement between the ruling and opposition parties, the National Assembly will be able to process the budget within the statutory deadline this year as it did last year.