The National Assembly's Special Committee on Budget and Accounts has confirmed the schedule for the review of the government's proposed supplementary budget. It is expected that the supplementary budget will be decided as early as next week. Each standing committee will begin reviewing the supplementary budget starting this week.

On Nov. 29, last year, the 13th plenary session of the Budget and Settlement Special Committee is held at the National Assembly in Yeouido, Seoul. /Courtesy of News1

The Special Committee agreed on the schedule for the supplementary budget review with the agreement of the negotiating group leaders of the Democratic Party of Korea and the People Power Party on the 22nd. A plenary meeting will be held on the 28th to 29th to conduct a comprehensive policy inquiry, and the subcommittee will review it on the 30th. The plenary meeting will vote on the supplementary budget on the 1st of next month.

Each standing committee will begin to review the supplementary budget starting on the 23rd. The standing committees reviewing the supplementary budget include ▲Strategy and Finance Committee ▲Science, Technology, Information, Broadcasting and Communications Committee ▲Foreign Affairs and Unification Committee ▲Administrative Safety Committee ▲Agriculture, Food and Rural Affairs, and Marine Affairs Committee ▲Industry, Trade, Resources and Small and Medium-sized Enterprises Committee ▲Environment and Labor Committee ▲Land, Infrastructure and Transport Committee.

The government submitted a supplementary budget worth 12.2 trillion won to the National Assembly. The supplementary budget consists of ▲disaster and emergency response (3.2 trillion won) ▲support for trade and artificial intelligence (AI) (4.4 trillion won) ▲support for livelihoods (4.3 trillion won).

The Democratic Party of Korea and the People Power Party are expected to accelerate the preparation of the supplementary budget depending on the domestic and international economic situation. There are perspectives indicating that the scale of this supplementary budget may be insufficient to revive the livelihood economy, so there is a possibility of an increase in scale.

Jin Sung-jun, chair of the Democratic Party of Korea's Policy Committee, and Heo Young, secretary of the Democratic Party of Korea's Special Committee on Budget and Accounts, issued a statement that day, saying, 'The Democratic Party aims to approach this supplementary budget review with a determination that the necessary project budget must be increased to revitalize the livelihood and the economy.'

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