South Korea passes $471.5B budget in unprecedented parliamentary vote

By Riyaz ul Khaliq

ISTANBUL (AA) - South Korea's lawmakers approved a reduced annual budget in an unprecedented parliamentary vote on Tuesday.

The opposition-controlled parliament endorsed next year’s national budget of 673.3 trillion won ($471.5 billion), a reduction from the government’s proposed 677.4 trillion won.

Out of the 300 seats in the unicameral parliament, 278 lawmakers participated in the vote, with 183 voting in favor, 94 against, and one abstaining.

It is the first time in the “constitutional history of Korea that a budget plan submitted by the government was passed in the plenary session without bipartisan agreement,” Seoul-based Yonhap News reported.

The revised budget cuts 4.1 trillion won from the government’s original proposal, with the main opposition Democratic Party making notable reductions to the reserve fund, special activity expenses for the presidential office's secretariat, national security office, as well as the prosecution, state audit agency, and police.

South Korea has been experiencing a political crisis since Dec. 3, when President Yoon Suk Yeol declared martial law, a move rejected by the majority of lawmakers and lifted within six hours.