Budget of 400 Billion Won Allocated for Local Love Gift Certificates
Additional 200 Billion Won for Wildfire Relief and Agricultural and Marine Product Discounts
The Democratic Party of Korea and the People Power Party reached a final agreement on May 1 to pass a supplementary budget totaling 13.8 trillion won.
Kwon Seongdong, floor leader of the People Power Party, and Park Chan-dae, floor leader of the Democratic Party, signed the agreement for the first supplementary budget for 2025 at the National Assembly that morning. The final agreed-upon supplementary budget is 1.6 trillion won higher than the original draft of 12.2 trillion won submitted by the government to the National Assembly.
The budget includes 400 billion won in support for the issuance of local love gift certificates, a program promoted by Democratic Party presidential candidate Lee Jaemyung when he was party leader.
Additionally, the budget for supporting wildfire-affected areas and discounts on agricultural and marine products was increased by 200 billion won.
To address the sluggish construction sector, the budget for social overhead capital (SOC) projects, including rental housing, roads, and railways, was also increased by 800 billion won.
Floor leader Kwon stated, "The People Power Party focused its efforts on restoring wildfire damage and preparing a budget to provide new hope for wildfire victims in this supplementary budget."
Floor leader Park also said, "Although it may not be enough, I am grateful to the People Power Party for agreeing to include 400 billion won for local currency in order to revive the future and the economy."
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