South Korea's main opposition party announced on Tuesday that it would approve the 2025 government budget bill, which prompted President Yoon Suk Yeol's martial law decree last week, during a plenary session scheduled for later in the day.
The opposition-controlled parliament had previously reduced the government’s proposed 677.4 trillion won ($473 billion) budget by 4.1 trillion won last month.
“We will pass the budget bill today,” said Democratic Party Leader Lee Jae-myung. “A swift passage of the bill will help address the current unease and crisis.” The government has warned that the budget cut would undermine basic functions, delay support for small businesses and vulnerable groups, and weaken its ability to respond to external challenges.
President Yoon cited opposition obstructionism over government budgets as one of the reasons for his martial law decree on 3 December, which sparked a constitutional crisis in Asia’s fourth-largest economy.
Senior Democratic Party lawmaker Park Chan-dae argued that any additional funding required for "spending for people's livelihoods" could be addressed later through a supplementary budget.
South Korea's treasury bond market saw a decline, with three-year treasury bond futures falling 0.10 points to 106.79.
"If finalised, that will ease uncertainty, but the market appears to be reacting somewhat sensitively and emotionally to the comments about an extra budget," said Kong Dong-rak, a fixed-income analyst at Daishin Securities.
South Korea's political crisis deepens as thousands rally in snowy Seoul, clashing over President Yoon Suk Yeol's impeachment and pending arrest for alleged insurrection.
South Korea’s impeached President Yoon Suk Yeol has ignored a second summons over his martial law decree, sparking calls for his arrest.
Seoul residents are divided after the impeachment of South Korean President Yoon Suk Yeol, as a result of the second vote on Saturday night by the opposition-led parliament over his short-lived attempt to impose martial law, a move that had shocked the nation.
Tensions high in South Korea as the National Assembly has voted to impeach President Yoon Suk Yeol. The controversy follows his attempt to impose martial law earlier this month, sparking public outrage and political turmoil. Simultaneously, there is another protest in his favor.
Austria's Chancellor Karl Nehammer resigns after coalition talks fail, leaving the far-right FPÖ poised for power as political uncertainty grips the nation.
Russian airports in Kazan, Nizhnekamsk, Izhevsk, and Perm resumed operations after a temporary halt for safety reasons, Rosaviatsia confirmed.
Ukraine’s air force successfully intercepted a significant portion of drones launched by Russia in a major overnight attack, while President Zelenskyy stresses the critical need for enhanced air defense systems as an international defense meeting approaches.
Guatemala has sent 75 more soldiers to Haiti on Saturday to assist in combating gangs that have been on a rise in the country. This is the second contingent of security forces from Guatemala.
AZAL has released the crew list for flight J2-8243, which crashed in Aktau today.
Farid Huseynov, Head of the AZAL Press Department, has confirmed that a total of 67 people were on board the plane involved in the recent incident, including 62 passengers and 5 crew members.
Austria's Chancellor Karl Nehammer resigns after coalition talks fail, leaving the far-right FPÖ poised for power as political uncertainty grips the nation.
Russian airports in Kazan, Nizhnekamsk, Izhevsk, and Perm resumed operations after a temporary halt for safety reasons, Rosaviatsia confirmed.
Ukraine’s air force successfully intercepted a significant portion of drones launched by Russia in a major overnight attack, while President Zelenskyy stresses the critical need for enhanced air defense systems as an international defense meeting approaches.
Guatemala has sent 75 more soldiers to Haiti on Saturday to assist in combating gangs that have been on a rise in the country. This is the second contingent of security forces from Guatemala.
Austria's Chancellor Karl Nehammer resigns after coalition talks fail, leaving the far-right FPÖ poised for power as political uncertainty grips the nation.
Russian airports in Kazan, Nizhnekamsk, Izhevsk, and Perm resumed operations after a temporary halt for safety reasons, Rosaviatsia confirmed.
Ukraine’s air force successfully intercepted a significant portion of drones launched by Russia in a major overnight attack, while President Zelenskyy stresses the critical need for enhanced air defense systems as an international defense meeting approaches.
Guatemala has sent 75 more soldiers to Haiti on Saturday to assist in combating gangs that have been on a rise in the country. This is the second contingent of security forces from Guatemala.
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