South Korea’s ruling People Power Party (PPP) and main opposition Democratic Party (DP) reached an agreement on the 2024 budget on Wednesday, planning to convene a plenary session on Dec. 21. The agreed budget sees a reduction of approximately $3.2 billion (4.2 trillion won) from the government’s initial proposal, keeping the national debt and government bond issuance unchanged. Significant increases include $462 million (600 billion won) for research and development (R&D) to support advanced technology research and $231 million (300 billion won) for Saemangeum area projects.

The budget’s passage is set to occur 19 days past the legal deadline (Dec. 2), marking a delay similar to last year. This decision comes after extensive deliberations, with both parties emphasizing the urgent need to address national economic and livelihood concerns. The total expenditure is projected to closely match the government’s original figure of $505.5 billion (656.9 trillion won).