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Anniversary of Policy of Local Budget System Marked

KCNA

    Pyongyang, November 6 (KCNA) -- 30 years have passed since the policy of local budget system, a Juche-oriented socialist budget system of Korean style, was put forward. President Kim Il Sung set forth the original idea of the local budget system, the first of its kind in history, in October Juche 62 (1973). This system is a Juche-oriented method of managing the economic life of the country for all the local districts to manage their economic lives by themselves under the unitary guidance of the state and develop the economy and more effectively provide the people with an independent and creative life by calling internal reserves into maximum service.
    Over the past 30 years the local budget system has made great contributions to running the local economy assiduously, raising the standard of people's living and accelerating socialist construction by correctly implementing the state budget.
    Leader Kim Jong Il has developed in depth the idea and theory of the local budget system set forth by the President and completed it into a method of managing local economic life to meet the demand of the Songun era.
    A national meeting was held here on Nov. 5 to commemorate the anniversary.
    Mun Il Bong, minister of Finance, in his report said it was the demonstration of the validity and vitality of the policy of the local budget system that the economic life of the country has been successfully managed and the popular polices have been invariably put into practice even in the periods of the "Arduous March" and the forced march, in which the DPRK underwent grim ordeals caused by the imperialists' persistent moves to isolate and stifle it and successive natural disasters for several years, and in the present times.