2024년도 예산안 국회 통과
The National Assembly this past week passed the national budget for next year.
The approval outlines key allocations and priorities for South Korea's finances.
For more on this, we have our Lee Shi-hoo joining us.
Welcome to the program, Shi-hoo.
Hi Ye-eun.
So tell us, what is the exact national budget for the 2024 fiscal year?
Right, so the national budget is 6-hundred-fifty-six-point-6 trillion Korean won or around 5-hundred-three-point-3 billion U.S. dollars and this is a decrease of around 2-hundred-30 million dollars from the government's initial proposal submitted back in September.
It passed with 2-hundred-37 votes to 9, with 13 abstentions.
Now, this marks the second consecutive year where the government-proposed budget has been reduced during the parliamentary review process.
Compared to last year, the total budget increased by 2-point-8 percent.
And it took quite some time for the Assembly to approve the budget. Why is that?
Right, there were extensive deliberations leading to the approval that passed 19 days past its legal deadline of December 2nd.
This is because the ruling and opposition parties couldn't agree on the specifics of the budget.
For example, the ruling People Power Party, with its goals of making the government more financially sound, wanted to cut R&D budgets while the main opposition Democratic Party called for a drastic increase.
The DP called for an increase in other areas including the budget related to the Saemangeum tidal flat in Jeollabuk-do Province, while the PPP was against it.
This, is as the ruling party thought the province should be held accountable for shortcomings experienced during its hosting of the World Scout Jamboree in August.
And what happened to those budgets? In what areas was there an increase?
So compared to the initial proposal, the Assembly increased the budget for R&D by 6-hundred billion Korean won or around 4-hundred-62 million U.S. dollars.
The budget can be used for supporting next-generation technologies and for equipping labs with high-tech infrastructure.
The budget for development around the Saemangeum tidal flat also increased by 3-hundred billion Korean won or around 2-hundred-31 million U.S. dollars.
A substantial amount has also been allocated to help those in need.
For example, for temporary rent support for young people as well as energy bill support for small business owners.
The National Assembly also increased the budget for increasing the number of carriages for certain subway lines to help improve people's daily commute.
In defense, 2-hundred-42 billion Korean won or around 1-hundred-87 million U.S. dollars has been set aside to build fighter aircraft such as the KF-21.
And in what areas was there a decrease?
Well, the reserve fund for the finance ministry was cut by around 6-hundred million dollars, and the budget for overseas Official Development Assistance was cut by around 1-hundred-50 million dollars.
The budget for building next-generation fighter jets was cut by around 1-hundred-75 million dollars.
Choo Kyung-ho, the Deputy Prime Minister and also the Minister of Finance, said that the country needs to invest in its people and prepare for the future.
Listen in.
"No matter how difficult the financial situation, we cannot neglect to invest in what the state has to do, such as protecting the weak, preparing for the future, and public safety. The necessary funds were procured by restructuring fiscal expenditures, not through an easy means such as increasing the national debt."
And this is the first budget approval for the Yoon Suk Yeol administration. How's the Presidential Office reacting?
Well, President Yoon Suk Yeol himself has previously called for a swift approval of the budget and for it to be approved in the parliament's extraordinary session in December.
Following the approval, a Presidential Office spokesperson at a briefing welcomed the passing.
"Although it's late, I think it is fortunate that the budget bill passed the National Assembly under the agreement of the ruling and opposition parties. Next year's budget plan maintained a sound fiscal stance in compliance with the principle of "increase within reduction" during the National Assembly deliberation process. It's greatly increased the livelihood economy and support projects for the vulnerable, including small business owners, farmers, young people, and the disabled."
The top office vowed that the government will make every effort so that the budget can be executed from the beginning of the year.
Alright, we'll keep a close eye on future developments.
Thank you for your report, Shi-hoo.
Thank you.
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2023-12-23, 12:00 (KST)
