The parliamentary speaker said Wednesday he will convene a plenary meeting later this week to handle the national budget bill much delayed by a protracted partisan standoff.

The plenary session will be held at 2 p.m. Friday to vote on the 2023 budget plan, according to National Assembly Speaker Kim Jin-pyo.

Since the parliament missed the Dec. 2 legal deadline to handle the government's proposed budget of 639 trillion won ($496.12 billion), rival parties have yet to narrow their gaps on key sticky issues, including the scope of a cut in corporate taxes.

Kim effectively issued an ultimatum for the bill's passage, as the ruling People Power Party and the main opposition Democratic Party (DP) remained deadlocked over the state budget, already passing two deadlines suggested by the speaker for a breakthrough.

"If parties' negotiation groups reach an agreement on the 2023 budget, the compromised bill will be put to the vote. If they fail to do so, the National Assembly will handle the government's bill or the DP's revised proposal," Kim said. (Yonhap)