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Korean Lawmakers Reach Bipartisan Agreement on 2012 Budget Bill Updated: 2011-12-30 12:00:00 KST

Korean Lawmakers Reach Bipartisan Agreement on 2012 Budget Bill
Hopes are high for Koreans to not see a repeat of shirt-grabbing and shouting among lawmakers in the parliament over next year's budget bill.
After a series of discussions the budget committee representatives of the ruling Grand National Party and the main opposition Democratic Unity Party reached a bipartisan agreement on submitting a 325.5 trillion won, or nearly 283 billion US dollar, budget bill for the next twelve months.
The agreed 2012 budget is roughly 12.1 billion dollars lower compared to the previous year as both parties agreed on slashing 3.9 trillion won, or a little less than 3.4 billion dollars, for its initial budget plan in state-funded projects while raising 3.3 trillion won, or about 2.9 billion dollars, to improve the social welfare system.
The reduced budget categories include a 1.4 billion dollar cut in the field of readjusted government bond maturity interest and advanced loan payment.
Other slashes include budget reductions for a controversial naval base on Jeju Islandthe four river restoration project and financing out of the government's reserve fund.

The parliament is expected to pass the 2012 budget bill early Saturday.
Yang Ji-woo, Arirang News.
KOGL : Korea Open Government License
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