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Parliament Passes 2025 Budget Bill, Reflecting Unilateral Cuts by Opposition

Written: 2024-12-10 18:56:21Updated: 2024-12-10 18:57:03

Parliament Passes 2025 Budget Bill, Reflecting Unilateral Cuts by Opposition

Photo : YONHAP News

The National Assembly passed a bill on next year’s budget, reflecting the opposition-led reduction of four-point-one trillion won, or around two-point-nine billion U.S. dollars.

The revised bill, mandating a budget of 673-point-three trillion won, was approved during Tuesday’s plenary session with 183 out of 278 lawmakers in attendance voting in favor and 94 in opposition, while one abstained.

The government had previously submitted a budget worth 677-point-four trillion won.

This is the first time in the nation’s modern history that the budget bill has passed the Assembly after unilateral revisions by the opposition.

The cuts included two-point-four trillion won for state reserve funds, 58-point-six billion won for the prosecution’s special operational and activity expenses, and eight-point-25 billion won for special activities by the presidential office and the state spy agency.

An opposition bloc led by the main opposition Democratic Party, which holds a majority in parliament, pushed ahead with the bill’s passage without consent from the government or the ruling People Power Party.

Last-ditch negotiations between the rival parties fell through prior to Tuesday’s vote.

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