English

SPA Session Discusses State Budget

Pyongyang, April 11 (KCNA) — Deputy Ki Kwang Ho, minister of Finance, made a report on summing up of the fulfillment of the state budget of the DPRK for last year and its state budget for this year at the Fifth Session of the 13th Supreme People’s Assembly (SPA) of the DPRK held on Tuesday.

According to the report, the plan of state budgetary revenue for last year was over-fulfilled 2.1 percent, 6.3 percent increase over the previous year.
The plan for local budgetary revenue was fulfilled at 114.3 percent.
The plan for state budgetary expenditure last year was carried out at 99.9 percent.
15.8 percent of the total state budgetary expenditure was spent for national defence and 5.5 percent more funds over the previous year were spent for sci-tech development.
48.3 percent of the total expenditure was spent for the development of the national economy. 15.3 percent more funds than the previous year went to the field of construction.
35.7 percent of the total expenditure was spent for the work for building a highly civilized socialist nation including education, public health, sports and literature and arts.
The state budgetary revenue and expenditure for this year was shaped in such a way as to direct all efforts to implementing the five-year strategy for national economic development, achieving radical progress in the building of a highly civilized socialist nation and steadily bolstering up military capability for self-defence.
The state budgetary revenue for this year is expected to grow 3.1 percent over last year. Among them transaction tax is expected to swell 2.4 percent, profits from state-run enterprises 3.5 percent and those from cooperative units 1.6 percent, real estate rent 2 percent, social insurance fee 1.2 percent, income from property sale and price fluctuation 1.1 percent, income from other sources and from economic trade zones 1.2 percent respectively.
The central budgetary revenue will account for 73.1 percent of the state budgetary revenue and that of local budgetary revenue 26.9 percent. Provinces, cities and counties envisage ensuring expenditures with their own local revenues and adding their profits to the state budget.
The state budgetary expenditure for this year will grow 5.4 percent over last year.
8.5 percent of the state budgetary expenditure will go to the sci-tech field, 4.5 percent to the industrial field, 4.4 percent to agriculture, 6.8 percent to the fishery field and 7.2 percent to the forestry field.
2.6 percent of the state budgetary expenditure will be allocated for capital construction, 9.1 percent for education, 13.3 percent for public health, 6.3 percent for sports and 4.6 percent for literature and arts.
15.8 percent of the total budgetary expenditure will go to national defence.
A lot of educational aid fund and stipends will be sent for Korean children in Japan this year, too.
The reporter stressed the need to successfully fulfill the state budget for this year through a dynamic struggle for glorifying the Conference of Mallima Frontrunners as one of victors in the spirit of Kangwon Province, fresh spirit of the era, holding aloft the banner of the drive for implementing the behests of the leaders and upholding the party’s policies.

Image credit: https://www.flickr.com/photos/sheridansofasia/6043391569/

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