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Results of Implementation of State Budget Last Year and State Budget for This Year

Korean Central News Agency of DPRK via Korea News Service (KNS)

Pyongyang, April 13 (KCNA) -- Deputy Choe Kwang Jin, minister of Finance, made a report on the results of the implementation of the state budget last year and state budget for this year at the 5th session of the 12th Supreme People's Assembly of the DPRK Friday.

He said that last year the state budgetary revenue was over-fulfilled 1.1 percent, of which the local budgetary revenue over-fulfilled 12.8 percent and the state budgetary expenditure was implemented at 99.8 percent.

He went on to say:

The state allocated huge funds of its budgetary expenditure for the development of national economy, thus financially backing the work to put the major industrial fields including light industry, agriculture and four vanguard fields of the national economy on a Juche and modern basis, boost production and build grand edifices to be presented to the centenary of the birth of President Kim Il Sung.

The state made a satisfactory budgetary allocation for enforcing popular policies and social and cultural policies, a key indication of the advantages of the socialist system in the DPRK, contributing to the enforcement of social measures such as the universal compulsory free education, free medical care, social insurance, social security and rest at sanatoria and rest homes and the rapid development of sports and culture in the Songun era.

15.8 percent of the total state budgetary expenditure was allocated as defence spending.

The scale of revenue and expenditure of the state budget for this year was shaped in such a way as to provide a financial guarantee for an all-out offensive for carrying out the WPK's strategy for building a thriving nation as required by the grand general march to be made at a time when a new century of Kim Il Sung's Korea starts.

The plan for state budgetary revenue is expected to increase 8.7 percent, of which the transaction tax, a key source of the budgetary revenue, is expected to grow 7.5 percent, the revenue from the profits of state enterprises to go up 10.7 percent, the revenue from the profits of cooperative enterprises 5.3 percent, the revenue from the fixed asset depreciation 2.3 percent, the revenue from real estate rent 1.9 percent and that from social insurance 1.7 percent over last year.

The plan for state budgetary expenditure is expected to grow 10.1 percent, of which the expenditure for light industry and agriculture 9.4 percent, that for power, coal and metal industries and railway transport 12.1 percent, that for capital construction 12.2 percent, that for development of science and technology 10.9 percent, that for education 9.2 percent, that for public health 8.9 percent, that for social insurance and social security 7 percent, that for sports 6.9 percent and that for culture 6.8 percent over last year.

15. 8 percent of the total state budgetary expenditure will be spent for national defence and a large amount of educational aid fund and stipends will be sent for the children of Koreans in Japan.

The reporter stressed the need for all the units and fields of the national economy to conduct a vigorous drive for pushing back the frontiers of the latest science and technology in response to the flames of industrial revolution in the new century, the flames kindled in South Hamgyong Province and thus bring about a steady surge in production and construction. He also called for thoroughly carrying out the WPK's policy on increasing production and economizing to the maximum and implementing without fail monthly and quarterly plans for state budgetary revenue.

Tasks for this year are huge but victory is in store for the Korean people as long as there are the wise guidance of the dear respected Kim Jong Un, the powerful foundation of self-supporting economy laid by leader Kim Jong Il and the inexhaustible mental power of the single-mindedly united army and people, the reporter concluded.



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