Politics

Deputy Ko Jong Bom, minister of Finance, made a report on the fulfilment of the state budget for Juche 111(2022) and on the state budget for Juche 112(2023) at the Eighth Session of the 14th Supreme People's Assembly of the DPRK.

The reporter noted that the state budget for last year was successfully carried out.

Last year a large share of the budget was allotted to strengthening the country's defence capabilities, implementing the Party’s and the state's anti-epidemic policy and socialist rural construction policy and stabilizing and improving the people's living standards.

The state budgetary revenue for last year was carried out at 100.7 percent, a 1.5 percent increase over the previous year.

Many industrial establishments in the fields of the national economy fulfilled their plans for central budgetary revenue at 100.7 percent and local budgetary revenue at 100.5 percent.

The state budget expenditure for last year was carried out at 99.9 percent.

A large amount of funds amounting to 101.6 percent as compared with 2021 was allocated to socialist economic construction to bring a bright prospect for the implementation of the five-year plan and promote the overall development of the state and improve the people's living standard.

On the principle of giving top priority to defence building 15.9 percent of the total expenditure was spent on further bolstering up the war deterrence both in quality and quantity to contribute to defending the dignity and security of the country and the people.

Last year, the state's capital investment was increased by 0.1 percent over the previous year to push ahead with the huge construction projects for developing the national economy and providing the people with highly-civilized living conditions.

The DPRK government spent 24.4 percent of the total expenditure on making a breakthrough in revitalizing the overall economic front including light industry and fishing industry, while focusing the investment on modernizing production equipment and expanding production capacity in the key industrial sectors.

The investment in the field of science and technology was increased by 1 percent over 2021.

A large amount of funds equivalent to 1.6 percent of the total state budgetary expenditure was paid to the agricultural sector to accelerate rural construction and the work for improving the environment of agricultural production on a modern basis.

Last year, the anti-epidemic work expense was set as a major item of the state budget and funds equivalent to 121.3 percent of the plan was supplied on a top-priority basis for the work to build the capability for promptly responding to any health crisis.

The government allocated 100.5 percent of the funds as compared with the previous year to socialist cultural construction to contribute to modernizing the educational conditions and environment, strengthening the material and technical foundations of the public health sector and developing sports, culture and arts.

The reporter stressed the need to financially guarantee the all-people struggle for implementing the decisions of the Sixth Plenary Meeting of the Eighth Central Committee of the Workers' Party of Korea in this significant year marking the 70th anniversary of the victory in the Fatherland Liberation War and the 75th birthday of the DPRK.

The state budgetary revenue is expected to grow by 1 percent over last year, with the turnover tax, a major item of the budgetary revenue, increasing by 0.3 percent and the income from state enterprises by 1.2 percent, which will account for 83.7 percent of the total revenue.

As compared with last year, the profits of cooperative organizations are expected to be 100 percent, depreciation 100.7 percent, real estate rent 100 percent, premium for social insurance 101 percent, income from property sale and price fluctuation 100.1 percent, income from money collection 100.2 percent, other income 100 percent and income from special economic zones 100.3 percent.

The central budget revenue is expected to account for 73.7 percent of the state budgetary revenue, with the revenue from the central economy accounting for a large proportion, and provinces, cities and counties are to largely fund the central budget while ensuring their expenditure with their own income.

The state budgetary expenditure will increase by 1.7 percent over last year.

The investment in socialist economic construction will grow by 1.2 percent over last year, so that 45 percent of the total budgetary expenditure for this year is to be spent on developing the country's economy and improving the people's standard of living.

The defence expenditure is estimated at 15.9 percent of the total budgetary expenditure.

It is expected to spend funds equivalent to 100.3 percent of last year's as the capital investment in the housing construction in the Hwasong area, the construction of houses and industrial and public buildings in the Komdok area and other major construction projects.

Funds equivalent to 101 percent of last year's are allocated first to the national economic work so that the key industrial sectors can work out correct plans for readjustment and reinforcement and stubbornly carry them out and such sectors conducive to the improvement of people's livelihood as light industry and fisheries can carry out their production plans without fail.

The cost for developing science and technology is to increase by 0.7 percent over last year.

This year, funds equivalent to 114.7 percent of last year's will be spent on rural construction and the modernization of agricultural production environment.

This year, too, the anti-epidemic work cost will be ensured on a top-priority basis as much as last year's level so that the country's anti-epidemic work can continue to be an advanced and popular anti-epidemic effort.

As compared with last year, the government will invest 100.7 percent of the funds in the educational sector, 100.4 percent in the public health, 100.3 percent in culture and 100.1 percent in sports.

This year, too, it will invariably send large educational aid funds and stipends to the children of Koreans in Japan so that they can continue to contribute to the development of the democratic national education of the General Association of Korean Residents in Japan (Chongryon).

The reporter stressed that the state budget for this year should be implemented without fail to financially support the work for bolstering up the country's defence capability, developing the economy and improving the people's standard of living.