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December 17, 2024 | 11:33 am
TEMPO.CO, Jakarta - South Korean stocks rose for a fourth straight session on Friday, December 13, 2024 amid hopes that political uncertainty will ease after a parliamentary impeachment vote to impeach South Korea's president Yoon Suk Yeol. This follows a failed vote a week earlier.
Quoted from Reuters, Democratic Party leader Lee said the most pressing issue was a slump in consumption caused by weak domestic demand and a reduction in the government's fiscal role. He called for the establishment of the National Stability Council for Governance consisting of the government and parliament to discuss finances, the economy and public livelihoods.
"To address this, I believe it is necessary to discuss the supplementary budget immediately," Lee was quoted as saying by Reuters.
Lee added that the supplementary budget could include funding to support small businesses and investments related to artificial intelligence and infrastructure to try to overcome energy shortages.
Parliament, controlled by Lee's party, passed a 673.3 trillion won ($470.6 billion) 2025 budget bill on Tuesday that cut the government's proposal by 677.4 trillion won, without reaching an agreement with Yoon's People Power Party and the government. By law, parliament cannot increase the government budget, and at the time the Democratic Party said an additional budget might be needed to address spending on people's livelihoods.
The party said the cuts were mostly to the government's reserve fund, interest expenses and funds allocated to the presidential office, prosecutors and auditors for covert operations. The government accused parliament of delaying projects for small businesses with the cuts. The budget impasse was one of the reasons Yoon gave for imposing martial law.
South Korean President Yoon Suk Yeol was previously impeached by the National Assembly on Saturday, December 14, 2024. He was impeached after imposing martial law that lasted only six hours.
The impeachment motion was approved because at least 12 members of Yoon's People Power Party, which controls 192 seats in the 300-member national assembly, joined the opposition party, which controls 192 seats in the 300-member national assembly, meeting the two-thirds threshold needed. The number of lawmakers who supported the impeachment was 204, with 85 against, three abstentions and eight invalid votes.
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