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Parliament fails to pass extra budget in Aug. session

All Headlines 23:23 August 31, 2016

SEOUL, Aug. 31 (Yonhap) -- South Korea's ruling and opposition parties failed to pass the critical extra budget plan Wednesday, pushing back discussion for September's regular parliamentary session.

After repeated delays, the ruling Saenuri Party and the main opposition Minjoo Party of Korea failed to narrow down differences on where the extra budget plan estimated at 11 trillion won (US$9.82 billion) should be spent.

Saenuri has been claiming that the budget should put top priority on revitalizing the national economy and creating more jobs, while Minjoo insisted that the budget should also be allocated on education programs.

The main opposition party also said that the extra budget should be spent on helping companies that were ejected from the joint inter-Korean industrial zone in North Korea.

As the parties failed to handle the plan in August's provisional session, lawmakers will continue to discuss the issue in September's regular session.

Political watchers said the delayed passage of the supplementary budget will adversely impact the national economy.

South Korea's presidential office also has been urging the parliament to speed up the negotiations, adding that the budget needs to be implemented on a timely manner to effectively lend support to the economy.


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