Korea is likely to collect more than expected tax revenue this year, potentially securing ammunition to finance another extra budget that could be under review to help underpin an economic recovery.
The ruling Democratic Party and opposition People Power Party both made compromises on a fourth supplementary budget of 7.8 trillion won ($6.9 billion), coming one step closer to a final deal
The government has decided on a fourth supplementary budget of 7.8 trillion won ($6.6 billion). If approved by the National Assembly, total spending in four supplementary budgets this year will amount to 66.8 trillion won, a record.
The Korean prime minister called on rival parties Wednesday for a swift opening of the newly-elected National Assembly as the government seeks to win the final parliamentary approval for its third Covid-19 response extra budget this month.