South Korea's opposition plans to pass the 2025 budget bill, aiming to resolve tensions after President Yoon's martial law decree. The budget, cut by 4.1 trillion won, has raised concerns over government functions, economic stability, and support for small businesses.
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.
Yemen’s southern separatists have announced plans to hold a referendum on independence from the north within two years, a move likely to further esc...
Russian airstrikes have devasted apartment buildings in a residential area of Kharkiv, north-eastern Ukraine, injuring at least 25 people according to...
A 6.5-magnitude earthquake has struck the southern state of Guerrero in Mexico....
Suhail Shaheen, Afghanistan’s ambassador in Doha, has again urged the United Nations to transfer Afghanistan’s seat at the UN to the Taliban-led a...
The Head of Iran’s Atomic Energy Organisation (AEOI) Mohammad Eslami unveiled that the country’s civilian nuclear program has been the target of i...
South Korea’s special prosecutor has requested a 10-year prison sentence for former president Yoon Suk Yeol, accusing him of attempting to obstruct his arrest following his failed bid to impose martial law.
South Korea’s former President Yoon Suk Yeol lay on the floor of his cell on Friday and refused to comply with questioning, a spokesperson for a special prosecutor said, as investigations into alleged abuse of power and influence-peddling continue.
South Korea's former President Yoon Suk Yeol has requested a court review of his arrest, describing it as unlawful, as prosecutors continue efforts to question him regarding the alleged attempt to impose martial law last year.
Former South Korean First Lady Kim Keon Hee is under scrutiny following revelations that she used a secure presidential phone line to speak with a top aide just weeks before being questioned in a major stock price manipulation and bribery probe.
Dozens of people are feared dead and around 100 others injured after an explosion tore through a crowded bar during New Year’s Eve celebrations at the Swiss ski resort of Crans-Montana, authorities said.
At least 47 people were killed and 112 injured after a fire broke out at a crowded bar in the Swiss ski resort town of Crans-Montana during New Year’s Eve celebrations, Italian Foreign Minister Antonio Tajani told Italian media on Thursday.
India has approved a major arms deal with Israel valued at approximately $8.7 billion, highlighting the deepening defence partnership between the two countries.
Russian athletes will not be allowed to represent their country at the Milano Cortina Winter Olympics even if a peace deal is reached with Ukraine, International Olympic Committee President Kirsty Coventry said in an interview with an Italian newspaper.
India and Pakistan on Thursday exchanged lists of nuclear facilities as well as civilian prisoners, under long-standing bilateral agreements, according to official statements from both countries.
The United Nations on Friday voiced serious concern over the deteriorating humanitarian situation in Sudan, warning that rising violence is increasingly affecting civilians.
Ukrainian officials reported on Friday that thousands of children and their parents were evacuated from frontline areas in the Zaporizhzhia and Dnipropetrovsk regions as Russian forces continued to advance.
Yemen’s southern separatists have announced plans to hold a referendum on independence from the north within two years, a move likely to further escalate tensions as Saudi-backed government forces seek to retake territory seized by the group last month.
A 6.5-magnitude earthquake has struck the southern state of Guerrero in Mexico.
Suhail Shaheen, Afghanistan’s ambassador in Doha, has again urged the United Nations to transfer Afghanistan’s seat at the UN to the Taliban-led administration, arguing the current arrangement no longer reflects realities in the country.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment