2024 Budget Proposal Passes with Modifications: Regional Projects Prioritized

2024 Budget Proposal Passes National Assembly with Modifications

The 2024 budget proposal has been passed by the National Assembly with modifications, according to a report from Han-kyoreh. During the plenary session on the 21st, the budget received 237 votes in favor, 9 votes against, and 13 abstentions, out of 259 attending members. The initial budget proposal submitted by the government was 656.9 trillion won, but it underwent changes during the parliamentary review process.

The final budget, after adjustments, was confirmed at 656.6 trillion won, with a decrease of 4.2 trillion won and an increase of 3.9 trillion won compared to the initial proposal. This resulted in a total expenditure increase rate of 2.8%, the lowest in 20 years since 2005. The Ministry of Planning and Finance highlighted that the fiscal balance and national debt have both improved by 4 trillion won, enhancing the soundness of public finance.

Key Points:

1. Representative Kim Gihyeon Secures 5 Billion Won Budget

Representative Kim Gihyeon has successfully secured a budget of 5 billion won. This allocation will support various projects and initiatives in his constituency.

2. Candidate Seo Samseok Receives 2.5 Billion Won Budget

Candidate Seo Samseok has been allocated a budget of 2.5 billion won. This funding will contribute to the implementation of important initiatives in his respective constituency.

3. R&D Budget Decreased Despite Overall Budget Cuts

Despite overall budget cuts, the budget for research and development (R&D) experienced a reduction. This decision reflects the prioritization of other areas in the budget allocation process.

4. Local Project Budgets Increased by Influential Lawmakers

Lawmakers from both ruling and opposition parties exerted their influence to increase the budgets for local projects. This demonstrates their dedication to addressing regional needs and supporting community development.

Significance of the Modifications:

The approval of the budget proposal as a modified version highlights the importance of securing regional project budgets. While the R&D budget experienced a decrease, the increase in local project budgets reflects the commitment of lawmakers to their constituencies. The modified budget proposal accurately reflects the dynamic nature of budget adjustments during the parliamentary deliberation process.

The record-low increase rate in total expenditure indicates a cautious approach to fiscal management, focusing on improving fiscal balance and reducing national debt. The news article is sourced from Han-kyoreh.