The National Assembly will handle next year’s budget bill in a plenary session on Thursday.

Rival camps reached an agreement on the budget on Wednesday after failing to overcome an impasse during the extraordinary session, with the final negotiations resulting in a reduction of four-point-two trillion won from the government’s proposal of 656-point-nine trillion won.

The two sides agreed on a net increase of 600 billion won for research and development and a budget expansion of 300 billion won for the government's development plan for the reclaimed wetland of Saemangeum in North Jeolla Province.

They also agreed on a budget increase of 200 billion won for local vouchers called Seoul Love Gift Certificates.

Earlier on December 9, the government submitted to parliament the budget plan for 2024, which is up two-point-eight percent from this year’s budget.

If the National Assembly passes the budget motion on Thursday, it would come 19 days after the legal deadline.