June 28, 2022
KCNA KCNA.kp (En)

Report on State Budget at 6th Session of 14th Supreme People's Assembly of DPRK

Date: 08/02/2022 | Source: KCNA.kp (En) | Read original version at source

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Pyongyang, February 8 (KCNA) -- Deputy Ko Jong Bom, minister of Finance, made a report on the fulfillment of the state budget for Juche 110 (2021) and on the state budget for Juche 111 (2022) at the 6th Session of the 14th Supreme People's Assembly of the DPRK.

The reporter said that the state budget for Juche 110 (2021) was successfully fulfilled, thanks to the efforts of all the people who waged an all-out drive for making a breakthrough in the implementation of the five-year plan, thus contributing to increasing the economic potentialities of their sectors and units and the state.

Last year witnessed an increase in the state budgetary revenue as all production and service units were included in the state budget system along with the efforts for finding and tapping all sources of financial income, he noted, adding that amid the strict measures taken across the country for emergency epidemic prevention, the state investment was focused on mobilizing the potentialities of the self-supporting economy and doing the best to stabilize the people's life.

Last year the state budgetary revenue was fulfilled by 100.2 percent, which marked an increase to 101.1 percent, as compared to 2020.

Many industrial establishments over-fulfilled their payment plans for the state budget. Provinces, cities and counties carried out their local budgetary revenue plans by 100.1 percent.

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

Budgetary funds were allocated by 100.4 percent for the economic construction to round off the independent structure of the national economy and stabilize the people's living, as compared to 2020.

As funds were successfully allocated for the construction sector as planned, housing projects were pushed ahead with and major construction projects completed.

Concentrating investment on the metal and chemical industries, funds were channeled into the development of the national economy by 100.6 percent, as compared to 2020.

Investment on the sci-tech field increased to 101.6 percent, as compared to 2020, thus contributing to the economic development and the improvement of the people's living.

Funds were directed by 101.8 percent, as compared to 2020, to the affairs concerning the socialist cultural development, including the one of intensifying the emergency epidemic prevention work, the top priority affair of the country, renewing the educational conditions and environment and improving the material and technical foundations for the field of public health.

15.9 percent of the total expenditure was used for the work for further bolstering the war deterrent both in quantity and quality and ensuring the security of the country, which contributed to safeguarding the dignity and security of the country and its people.

Then, the reporter underlined the need to financially ensure this year the comprehensive development of Korean-style socialism, as clarified at the 4th Plenary Meeting of the 8th Party Central Committee.

The state budgetary revenue is expected to grow by 100.8 percent, as compared to 2021. The sales tax, the main item of the budgetary revenue, will increase to 100.6 percent and the state-run enterprises' income to 100.9 percent to reach 83.5 percent of the total income.

Besides, the profits of cooperative institutions are expected to reach 100.4 percent, depreciation expenses 100 percent, real estate tax 100.3 percent, social insurance 100.2 percent, income from property sale and price fluctuation 100 percent, income from money collection 680 percent, income from other factors 100.2 percent and income from special economic zones 100 percent.

The central budgetary revenue will hold the lion's share of 73.9 percent in the state budgetary revenue and the provinces, cities and counties are to largely fund the central budget while ensuring expenditure with their own income.

The state budgetary expenditure will increase to 101.1 percent, as compared to last year.

Investment on the economic construction will increase to 102 percent, as compared to last year.

An exclusive item for agriculture was added to the budget and this year's budget for agriculture has been drawn up to far exceed the last year's.

Financial demands will be fully met in the work for furthering the overhaul and reinforcement of the foundations for production while boosting the current production in all sectors of the national economy, including the key industries like metal, chemical, electric power and coal-mining and machine-building industries and railway transport and the light industry and the fishing industry.

Investment on the sci-tech field will increase to 100.7 percent, as compared to last year.

Funds will be allocated for pushing ahead with the major construction projects, as planned.

15.9 percent of the total expenditure will be allocated for bolstering the national defence capability.

An expenditure item for tackling the pandemic diseases and global health crisis will be established within the state budget and expenditure for the emergency epidemic prevention work will increase to 133.3 percent, as compared to last year.

As compared to last year, funds for the comprehensive development of socialist culture will increase to 100.4 percent - 102.6 percent in education, 100.7 percent in public health, 100.3 percent in culture and 100.8 percent in sports.

Large educational aid fund and stipend for children of compatriots in Japan will be remitted to accelerate the development of the democratic national education of the General Association of Korean Residents in Japan (Chongryon).

The reporter stressed that this year's state budget will be fulfilled without fail to financially support the all-people drive for building a power of self-esteem and independence as early as possible. -0-

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