Ri Myong Guk, minister of Finance, made a report on the fulfilment of the state budget for 2024 and on the state budget for 2025 deliberated on at the Budget Committee of the DPRK Supreme People's Assembly prior to the Twelfth Session of the 14th SPA. He said:

The state budget for 2024 was fulfilled as planned.

The state budgetary revenue for 2024 was carried out at 101.6 percent, a 4.3 percent increase over the previous year.

Many industrial establishments in the economic sector fulfilled their plans for central budgetary revenue at 100.8 percent and regional budgetary revenue at 103.7 percent.

In last year's state budget, funds equivalent to 103.2 percent as compared with 2023 was spent for the major construction projects and the enforcement of the people-oriented policies and for the economic development to attain 12 major goals and the improvement of people's living standards.

Last year the defence sector was provided on a top priority basis with funds equivalent to 15.9 percent of the total state budgetary expenditure.

The funds needed for the recovery from flood damage, the construction of regional-industry factories, the project for building 10 000 flats at the third stage in the Hwasong area, the construction of the Sinpho City Offshore Farm, the modernization of the Ryongsong Machine Complex and other major construction projects were provided from the capital investment, an increase by 0.3 percent over the previous year.

Funds amounting to 13.9 percent of the total budgetary expenditure were allotted to the work for the national economy so that all sectors and units could concentrate their efforts on the readjustment and reinforcement projects planned last year to provide a clear practical guarantee for carrying out the five-year plan.

Funds equivalent to 109.6 percent as against the previous year were appropriated for the field of science and technology so that it could contribute to solving the practical problems directly related to the economy, national defence and the improvement of the people's living standards.

Funds equivalent to 100.1 percent as against the previous year were allotted for the agricultural work to ensure the purchase of farming materials, the completion of irrigation facilities, the rural housing construction, and others.

The anti-epidemic work expense was provided within the planned range so as to reliably protect the lives and security of the people from the worldwide epidemic crisis.

Funds equivalent to 37.7 percent of the total state budgetary expenditure were allotted preferentially to the education, public health and sports sectors.

Last year, the number of fund donors increased, fully displaying the noble traits of our society helping and leading one another forward.

The state budget for this year has been planned to ensure the acceleration of the significant change in the national defence capabilities, the successful fulfilment of the five-year plan by concentrating investments to display the might of the self-supporting economy in major national economic sectors, and the comprehensive development of all fields of socialist construction, including the improvement of people's living standards, science, education, public health and culture.

The state budgetary revenue is expected to grow by 2 percent over last year, with the turnover tax, a major item of the budgetary revenue, increasing by 0.6 percent and the income from state enterprises by 2.5 percent, which will account for 84.3 percent of the total revenue.

The profits of cooperative organizations are expected to be 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, compared with last year.

The central budget revenue is expected to account for 72.3 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 pay some funds in the national budget for the scientific research in the agricultural sector and others.

This year, the state budgetary expenditure will increase to 103.8 percent over last year.

The investment in socialist economic construction will grow to 103.2 percent over last year so that 44.1 percent of the total budgetary expenditure is to be spent on it.

The defence expenditure is estimated at 15.7 percent of the total budgetary expenditure.

It is expected to allot funds equivalent to 101.2 percent over last year to the capital investment for major and other construction projects in keeping pace with the supply of materials by the state.

Funds equivalent to 101.6 percent over last year are allocated to the work of the national economy and the expenditure for developing science and technology is to increase to 109 percent over last year.

Funds equivalent to 101.7 percent over last year will be spent on the agricultural work and the expenditure for the anti-epidemic work will increase by 0.2 percent over last year.

A larger sum of money will be disbursed for the people-oriented policies and the social and cultural work than last year, an increase by 6.4 percent for the educational sector, 5.6 percent for the public health sector, 5.7 percent for the cultural sector and 5.4 percent for the sports sector.

This year, too, the state will send a large amount of educational aid funds and stipends to the children of Koreans in Japan so that they can grow up into the dependable reserves of overseas citizens.

All the officials are required to execute the state budget in a responsible manner so that it can be a realistic and effective one actively promoting the prosperity and development of our state and the promotion of its people's well-being this year, too, and thus fully provide funds necessary for the successful attainment of the fighting goals set forth by the Eighth Congress of the Workers' Party of Korea.