Sign in Subscribe
Legislative bills

National Assembly Approves Extra Budget Bill Worth 31.8 Trillion Won

Strategic Insights

— 1 min read

The National Assembly has passed an extra budget bill worth 31.8 trillion won ($23.3 billion) in a 168-3 vote, with only lawmakers from the ruling Democratic Party (DP) participating. The approval comes 30 days after the launch of the new government and 11 days after the budget proposal was submitted to the National Assembly. The main opposition People Power Party (PPP) had boycotted the vote, denouncing the DP's decision to railroad the extra budget bill.

Key Takeaways:

  • The extra budget bill was passed with a 168-3 vote in the National Assembly, with 11 invalid ballots.
  • The bill was approved with a majority of lawmakers from the ruling Democratic Party (DP), which holds a parliamentary majority.
  • The main opposition People Power Party (PPP) boycotted the vote, opposing the DP's unilateral proceedings.
  • The PPP had walked out of a parliamentary subcommittee meeting earlier in the day, denouncing the DP's decision to pass the extra budget bill without their participation.
  • The extra budget bill was raised by 1.3 trillion won from the 30.5 trillion won budget initially proposed by the government.
  • The DP pledged to pass the bill despite the opposition from the PPP, with Rep. Moon Jin-seok stating that the party will push the bill through regardless of whether PPP lawmakers attend the session.
  • The extra budget was worth 31.8 trillion won, or $23.3 billion.
  • The approval came just 11 days after the budget proposal was submitted to the National Assembly.

Statistics:

  • 168-3 vote in favor of the extra budget bill
  • 11 invalid ballots
  • 31.8 trillion won ($23.3 billion) worth of the extra budget bill
  • 1.3 trillion won increase from the 30.5 trillion won budget initially proposed
  • 30 days since the launch of the new government
  • 11 days since the budget proposal was submitted to the National Assembly

Sources:

  • "National Assembly Approves Extra Budget Bill Worth 31.8 Trillion Won" - Yonhap News Agency
  • "DP Passes Extra Budget Bill Without PPP Participation" - Korea Times

Read more