Prime Minister Kim Min-seok on Dec. 2 speaks after the National Assembly passes the revised 2026 budget bill at a plenary session. (Yonhap News)

By Lee Jihae

The Lee administration on Dec. 2 saw the passage of its first budget bill at a plenary session of the National Assembly worth KRW 728 trillion.

The legislature approved the 2026 budget of KRW 727.9 trillion, up 8.1% from this year's figure.

Ahead of the session, the ruling and opposition parties agreed to reduce the proposed amount by KRW 4.3 trillion but also to raise it so that the amount did not go over the administration's proposed KRW 728 trillion.

Thus funding for leading government initiatives remained unchanged such as to support the issuance of KRW 1.15 trillion in regional gift certificates and the National Growth Fund worth KRW 1 trillion.

Budgets were raised for the National Information Resources Service's disaster recovery system, development of the distributed power grid industry, demonstration project of artificial intelligence (AI) mobility, support for installation of city gas supply pipelines, national scholarship support and honorary allowances for veterans.

Part of the funds earmarked for AI support and policy and reserve funds were reduced.

jihlee08@korea.kr