SEOUL: National Assembly Speaker Woo Won-shik on Monday urged the ruling and opposition parties to reach an agreement on the 2025 budget bill by next Tuesday, while postponing putting forward the downsized budget bill. “After much consideration, we have decided not to present the budget bill at today’s plenary session,” Woo said during a press briefing.

According to Yonhap News Agency, the decision to delay the presentation of the budget bill comes amidst ongoing negotiations between the ruling and opposition parties. Speaker Woo emphasized the necessity for both sides to collaborate and reach a consensus to ensure the timely approval of the budget, which is crucial for the country’s financial planning and stability.

Woo has called for constructive dialogue and urged lawmakers to prioritize the interests of the nation over partisan politics. The postponement reflects the speaker’s hope that additional time will lead to a more comprehensive and mutually acceptable budget proposal.

The current stalemate over
the budget highlights the challenges faced by South Korea’s political landscape, where differing priorities have often led to legislative gridlocks. With the new deadline set for next Tuesday, all eyes are on the lawmakers as they work to bridge their differences and finalize the 2025 budget.