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Parties agree to pass nearly $10 billion extra budget for 2025

Published: 01 May. 2025, 11:56 Updated: 01 May. 2025, 14:46

Democratic Party floor leader Park Chan-dae, right, and People Power Party floor leader Kweon Seong-dong smile after signing an agreement on the supplementary budget at the National Assembly in western Seoul on May 1. [YONHAP]

The ruling People Power Party (PPP) and the main opposition Democratic Party (DP) agreed on Thursday to pass a 13.8 trillion won ($9.6 billion) supplementary budget for 2025.

PPP floor leader Kweon Seong-dong and DP floor leader Park Chan-dae reached the agreement during a meeting at the National Assembly in the morning.

Lawmakers plan to approve the revised budget proposal during a plenary session later in the day. The final amount is 1.6 trillion won more than the government’s original proposal of 12.2 trillion won.

The agreement includes 400 billion won in funding to support the issuance of local gift certificates aimed at boosting regional economies.

Lawmakers also added 200 billion won in aid for areas affected by wildfires and to fund discounts on agricultural and marine products.

To respond to the recent downturn in the construction sector, the two parties allocated an additional 800 billion won for social overhead capital projects, including rental housing, roads and railways.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY CHO MUN-GYU [[email protected]]