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Parties agree on 558 tln-won budget for 2021, plan to pass it this week

All News 14:23 December 01, 2020

SEOUL, Dec. 1 (Yonhap) -- Rival parties on Tuesday agreed on a 558 trillion-won (US$504 billion) state budget bill for next year that includes nearly 4 trillion won earmarked for additional COVID-19 relief funds and coronavirus vaccine purchases.

The agreement was made during a meeting of floor leaders and two other senior lawmakers from the ruling Democratic Party and the main opposition People Power Party held earlier in the day.

The agreed amount represents an increase of 2 trillion won from what the government initially proposed.

Under the agreement, 3 trillion won will be allocated for a new third round of assistance funds to be distributed to small business owners and self-employed people hit hard by the recent resurgence of COVID-19 cases.

The 2021 budget will also include 900 billion won earmarked for the purchase of COVID-19 vaccines, according to officials from both parties.

The officials said their parties plan to pass the budget bill at the National Assembly's plenary session on Wednesday.

Reps. Park Hong-keun (R) and Choo Kyung-ho, of the ruling Democratic Party and the main opposition People Power Party, respectively, speak during a news conference at the National Assembly in Seoul on Dec. 1, 2020, to announce an agreement between their parties for a 558 trillion-won (US$504 billion) state budget bill for next year. (Yonhap)

pbr@yna.co.kr
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