The rival political parties are set to agree on a final version of next year's state budget bill Wednesday afternoon.

After meeting with the two sides' floor leaders in the morning, National Assembly Speaker Kim Jin-pyo said the finalized budget will be announced at 2 p.m. Wednesday, with a plenary vote scheduled at 10 a.m. Thursday after the finance ministry's preparation of a budget statement.

Prior to the bipartisan agreement, the floor leadership of the ruling People Power Party(PPP) and the main opposition Democratic Party(DP) are expected to each convene a general meeting of Assembly members to secure consent.

The parties had been deadlocked on budget items worth 56-point-nine trillion won, or around 44 billion U.S. dollars, out of a total 656 trillion won.

The bill is long overdue past its legal deadline for its passage on December 2.