Deputy Ko Jong Bom, minister of Finance, delivered a report on the results of the fulfilment of the state budget of the DPRK for 2020 and on state budget for 2021 which were deliberated on at the budget committee of the Supreme People’s Assembly before the plenary session. The following are excerpts from it:

The state budget for 2020 was successfully implemented as it gave full play to the potentiality of the self-supporting economy.

Last year the state budgetary revenue was overfulfilled by 0.1 percent, or a 4.3 percent growth from the previous year.

Local budgetary revenue was overfulfilled by 0.1 percent.

The state budgetary expenditure was implemented at 99.9 percent last year.

For the development of the national economy 45.3 percent of the total expenditure was allocated.

The fund needed for stabilizing key fields of the national economy and the standard of people's living was expended at 105.7 percent as against the previous year and this contributed to further strengthening the independence and Juche character of metal and chemical industries, shoring up the fields of electric-power, coal, machine-building and building-materials industries and railway transport and developing agricultural and light industrial sectors.

The investment in the field of science and technology increased by 9.5 percent as against the previous year.

And 19.1 percent of the total expenditure went to the construction field while 36.5 percent of the total expenditure to embodying the popular policies of the Party and the state including public health and education and bringing about the overall development of socialist culture.

In addition, 15.9 percent of total expenditure was directed to the national defence building.

The report clarified mistakes observed in the implementation of the state budget last year.

The state budgetary revenue is expected to grow by 0.9 percent over last year out of which the transaction tax and the revenue from the profits of state enterprises, which are main sources of the budgetary revenue, will increase by 0.8 percent and 1.1 percent each to account for 83.4 percent of the total revenue.

The revenue from the profits of cooperative enterprises is expected to be collected 100.4 percent, depreciation 100.1 percent, revenue from real estate rent 100 percent, that from social insurance 100.3 percent, that from sales of assets and price differences 100.1 percent, that from other sources 100.6 percent and that from the special economic zones 100.2 percent.

The central budgetary revenue is to hold 74.2 percent in the state budgetary revenue and as a result the revenue from central economy is to account for an overwhelming proportion, and provinces, cities and counties are to cover the expenditure with their own revenue and contribute lots of funds to the national budget.

The state budgetary expenditure is to increase by 1.1 percent over last year.

Investment in economic construction is to increase by 0.6 percent over last year.

Investment will be focused on the metal and chemical industries and 0.9 percent more funds are to be spent for propping up production in key industrial fields, agriculture and light industrial fields of the national economy as compared with the previous year.

It is expected that 1.6 percent more investment will be made in the field of science and technology.

The funds needed for pressing on with key projects such as third-stage project of sprucing up Samjiyon City, the construction of oxygen heat blast furnaces in the Kim Chaek Iron and Steel Complex and the Hwanghae Iron and Steel Complex, foundation of the C1 chemical industry, construction of the Tanchon Power Station, construction of dwelling houses for 50 000 families in Pyongyang and the construction of 25 000 dwelling houses in the Komdok area are to be financed as planned.

For the sustainable development of the state defence capabilities 15.9 percent of total expenditure is earmarked.

It is envisaged that 33.9 percent of total expenditure will be spent for enforcing the popular policies of the Party and state so as to increase the one for educational field at 103.5 percent and that for public health at 102.5 percent. The fund for social and cultural work has also increased over last previous year, i.e., 102.7 percent for the field of art and literature and 101.6 percent for sports field.

This year, too, lots of educational aid fund and stipends are to be sent to the children of Koreans in Japan so as to keep developing the democratic national education of the General Association of Korean Residents in Japan.

The report said that the correct implementation of the state budget for this year is a responsible and important task facing officials in providing the financial guarantee for the revolutionary advance of Korean people for opening up the breakthrough in carrying out the new five-year plan and for effecting a drastic turn in socialist construction.

The report stressed the need to successfully carry out the state budget for this year, true to the important tasks set forth at the Eighth Congress of the Workers' Party of Korea so as to provide financial support for the all-people struggle for surely opening up the broad avenue to prosperity in the spirit of self-reliance.