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.