Seoul, South Korea – The South Korean National Assembly passed its first supplementary budget under the newly formed government on July 4th, amounting to 31.7914 trillion Korean won (approximately 167.12 billion Chinese yuan).
The approval comes a mere 30 days after the new government’s inauguration and only 11 days after the budget proposal was submitted to the National Assembly.
The main opposition party, People Power Party, boycotted the vote, citing objections to the provision of public welfare consumption vouchers and the restoration of the Presidential Office’s special activity budget. They also demanded an apology from the ruling party.
Despite the opposition’s absence, the supplementary budget was approved with 168 votes in favor, 3 against, and 11 abstentions from the 182 participating lawmakers.
This marks the second supplementary budget compiled by the government this year. The initial proposal was for 30.5 trillion Korean won, which was subsequently increased by approximately 1.3 trillion Korean won during the National Assembly’s review process. A significant portion of the budget, 12.1709 trillion Korean won, is allocated for public welfare consumption vouchers.
Conclusion:
The swift passage of this supplementary budget highlights the new government’s commitment to addressing immediate economic needs and priorities. However, the opposition’s boycott signals potential challenges ahead in achieving bipartisan consensus on future fiscal policies. The allocation of a substantial portion of the budget to public welfare consumption vouchers suggests a focus on stimulating domestic demand and providing support to citizens. Further analysis will be needed to assess the long-term impact of this budget on the South Korean economy and its effectiveness in achieving the government’s stated goals.
References:
- Yonhap News Agency. (2024, July 4). South Korean Parliament Approves First Supplementary Budget Under New Government, amounting to 167.12 billion Chinese yuan. Retrieved from [Insert Original Article URL Here – Since I don’t have the actual URL, insert a placeholder]
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