February 04, 2023
KCNA Uriminzokkiri (En)

Report on Fulfilment of State Budget for Last Year and on State Budget for This Year

Date: 20/01/2023 | Source: Uriminzokkiri (En) | Read original version at source

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Deputy Ko Jong Bom, minister of Finance, made a report on the fulfilment of the state budget for Juche 111 (2022) and on the state budget for Juche 112 (2023) at the Eighth Session of the 14th Supreme People’s Assembly of the Democratic People’s Republic of Korea.

The reporter noted that the state budget for last year was successfully carried out.

Last year, a large share of the budget was allotted to strengthening the country’s defence capabilities, implementing the Party and the state’s policies for epidemic prevention and socialist rural construction and stabilizing and improving the people’s living.

The state budgetary revenue for last year was carried out at 100.7 percent, increasing to 101.5 percent as against the previous year.

Many industrial establishments in the national economic fields overfulfilled their plans for the central budgetary revenue 100.7 percent and the regional budgetary revenue 100.5 percent.

The state budget expenditure for last year was carried out at 99.9 percent.

A large amount of funds amounting to 101.6 percent as compared with 2021 was allocated to the socialist economic construction to open up a bright prospect for the implementation of the five-year plan and ensure the overall development of the state and the improvement of the people’s living standards.

15.9 percent of the total expenditure was spent on further bolstering up the war deterrence both in terms of quality and quantity to contribute to defending the dignity and security of the country and the people.

The state’s capital investment was increased 100.1 percent last year as against the previous year, so as to push ahead with gigantic construction projects for developing the national economy and providing the people with highly-civilized living conditions.

24.4 percent of the total expenditure was used to make a breakthrough in revitalizing the overall economic front, including light industry and fishing industry, while focusing the investment on modernizing production equipment and expanding production capacity in the key industrial sectors.

The investment in the science and technology sector was increased by 101 percent over 2021.

A large amount of funds equivalent to 1.6 percent of the total state budgetary expenditure was paid to the agricultural sector to accelerate the rural construction and the work for improving the environment of agricultural production on a modern basis.

Last year, the anti-epidemic work expense was set as a major item of the state budget and funds equivalent to 121.3 percent of the plan for the work to have the capability for promptly responding to any health crisis was supplied on a top-priority basis.

100.5 percent of funds as compared with the previous year was allocated to the development of socialist culture in order to contribute to renovating the educational conditions and environment, strengthening the material and technical foundations of the public health sector and developing the sports, culture and the arts.

The reporter stressed the need to financially guarantee the all-people struggle for implementing the decisions of the Sixth Plenary Meeting of the Eighth Central Committee of the Workers’ Party of Korea in this significant year marking the 70th anniversary of the victory in the Fatherland Liberation War and the 75th founding anniversary of the DPRK.

The state budgetary revenue is expected to grow by 101 percent as against last year, with the turnover tax, a major item of the budgetary revenue, increasing by 100.3 percent and the income from state enterprises by 101.2 percent, which will account for 83.7 percent of the total revenue.

The profits of cooperative organizations are expected to 100 percent, depreciation 100.7 percent, real estate rent 100 percent, premium for social insurance 101 percent, income from property sale and price fluctuation 100.1 percent, income from money collection 100.2 percent, other income 100 percent and income from special economic zones 100.3 percent as compared with last year.

The central budget revenue is expected to account for 73.7 percent of the state budgetary revenue, with the revenue from the central economy accounting for a large proportion, and provinces, cities and counties are to largely fund the central budget while ensuring their expenditure with their own incomes.

The state budgetary expenditure will increase by 101.7 percent over last year.

The investment in socialist economic construction will grow to 101.2 percent as against last year, so that 45 percent of the total budgetary expenditure for this year is to be spent for developing the country’s economy and improving the people’s standard of living.

The defence expenditure is estimated at 15.9 percent of the total budgetary expenditure.

It is expected to spend funds equivalent to 100.3 percent of last year’s capital investment in the housing construction in the Hwasong area, the construction of houses and industrial and public buildings in the Komdok area and other major construction projects.

Funds equivalent to 101 percent of last year’s are allocated to the work of the national economy, so that the key industrial sectors can work out correct plans for readjustment and reinforcement and stubbornly carry them out and such sectors conducive to the improvement of the people’s living as light industry and fishing can carry out their production plans without fail.

The cost for developing science and technology is to increase 100.7 percent as against last year.

This year, funds equivalent to 114.7 percent of last year’s will be spent on the rural construction and the modernization of agricultural production environment.

And the anti-epidemic work cost as much as last year’s level will be ensured on a top-priority basis so that the country’s anti-epidemic work can continue to be advanced and people-oriented anti-epidemic one.

100.7 percent of the funds will be invested on the educational sector, 100.4 percent on the public health, 100.3 percent on the culture and 100.1 percent on the sports as compared with last year.

This year, too, we will send many educational aid funds and stipends to the children of Koreans in Japan so that they can continue to contribute to the development of the democratic national education of the General Association of Korean Residents in Japan.

The reporter stressed that the state budget for this year should be implemented without fail to financially support the work for bolstering up the country’s defence capability, developing the economy and improving the people’s standard of living.

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