February 26, 2021
KCNA Uriminzokkiri (En)

Report Made on Fulfillment of State Budget for Last Year and on State Budget for This Year

Date: 19/01/2021 | Source: Uriminzokkiri (En) | Read original version at source

Report Made on Fulfillment of State Budget for Last Year and on State Budget for This Year

There was a report by Deputy Ko Jong Bom, minister of Finance, on the results of the fulfillment of the state budget of the DPRK for Juche 109(2020) and on state budget for Juche 110(2021) at the 4th session of the 14th Supreme People's Assembly held on Sunday.

According to the report, the state budget for Juche 109(2020) was successfully implemented.

Last year the state budgetary revenue was over-fulfilled 0.1 percent, a 4.3 percent growth from the previous year.

Local budgetary revenue was over-fulfilled 0.1 percent.

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

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

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 electricity, coal, machine, building materials industries and railway transport and developing agricultural and light industrial fields.

9.5 percent more investment was spent in the field of science and technology than the previous year.

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.

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 and specified state budget for this year.

The state budgetary revenue is expected to grow 0.9 percent more than that of the previous 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 hold 100.8 percent and 101.1 percent each to account for 83.4 percent of the total revenue.

The revenue from the profits of cooperative enterprises is expected to grow 0.4 percent, depreciation 0.1 percent, revenue from real estate rent 0.0 percent, that from social insurance 0.3 percent, that from sales of assets and price differences 0.1 percent, that from other sources 0.6 percent and that from the special economic zones 0.2 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 overwhelming proportion, and provinces, towns 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 1.1 percent as against the previous year.

0.6 percent more investment has been planned to be made for economic construction as against the previous year.

There will be focused investment in the metal industry and chemical industry and 0.9 percent more funds are to be spent for propping up the 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 spent in the field of science and technology and the funds necessary for pressing for 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 C-1 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 Komdok area are to be financed as planned.

15.9 percent of total expenditure is earmarked for the sustained development of the state defence capabilities.

33.9 percent of total expenditure is to be spent for enforcing the popular policies of the Party and the 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 as against the previous year i.e. 102.7 percent for the field of literature and art and 101.6 percent for sports field.

This year, too, lots of educational aid fund and stipends are to be sent to 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 the officials in providing the financial guarantee for the revolutionary advance of our 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 in the 8th 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.

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