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National Assembly Passes 558 Tln Won Budget for 2021

#Hot Issues of the Week l 2020-12-06



The National Assembly on Wednesday passed the 558-trillion-won national budget for 2021, the largest budget in Korean history.

The assembly approved the 2021 budget bill in a vote of 249 to 26, with 12 abstentions.

It marks the first parliamentary passage of the national budget within the legal deadline since 2014. The assembly is required to approve the state budget for the following year by December 2.

Next year's budget increased by two-point-two trillion won from the government's budget plan as rival parties agreed to cut the government's budget proposal by five-point-three trillion won before adding new expenditures totaling seven-point-five trillion won.

Three trillion won is set aside to support businesses and people hit hardest by the pandemic, while 900 billion won has been earmarked for a national COVID-19 vaccine program.

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