Seoul: The rival political parties have reached a consensus to pass an expanded extra budget of 13.8 trillion won (US$9.6 billion) aimed at bolstering disaster response initiatives and stimulating economic activity. This agreement surpasses the government’s original proposal of 12.2 trillion won.

According to Yonhap News Agency, Democratic Party (DP) floor leader Park Chan-dae and his People Power Party counterpart, Kweon Seong-dong, agreed to endorse the revised supplementary budget bill during a parliamentary plenary session. The agreement includes a provision of 400 billion won for local currency vouchers, a reduction from the 1 trillion won initially advocated by the DP, to support small merchants and the self-employed.

The budget plan also incorporates a restoration of previously cut funds for special activity expenses allocated to the prosecution and the state audit agency. To address livelihood concerns, an additional 170 billion won has been allocated for discounts on agricultural, livestock, and fisheries products to stabilize prices. Furthermore, 115.7 billion won has been earmarked for increasing university scholarships.

In preparation for the upcoming summer season, 30 billion won has been designated for flood prevention measures.