Rival parties agree on W13.2tr supplementary budget; final vote expected Friday
South Korea's ruling and opposition parties reached a surprise agreement Tuesday on a key component of the supplementary budget plan, bringing President Lee Jae Myung’s universal cash subsidy proposal a step closer to final parliamentary approval.
With the deal in place, the National Assembly’s budget committee is expected to fast-track deliberations on the 13.2 trillion won ($9.5 billion) package, which will fund the distribution of consumer coupons to all residents — reportedly including foreign nationals — as part of efforts to boost domestic consumption.
Following budget committee discussions, a final vote is expected during the plenary session scheduled for Friday.
The parties' agreement stipulates that the central government will fully cover the cost of the program. Under the plan, all citizens will receive between 150,000 and 500,000 won in vouchers, depending on their income and assets, to help stimulate spending.
Ruling party officials said the party and the government will work to ensure the subsidies are distributed to citizens within this month.
shinjh@heraldcorp.com
