Deputy Ri Myong Guk, minister of Finance, made a report on the fulfillment of the state budget for 2024 and on the state budget for 2025 deliberated at the Budget Committee of the DPRK Supreme People’s Assembly before the Twelfth Session of the 14th SPA.

The reporter noted that the state budget for 2024 was fulfilled as planned.

The state budgetary revenue for 2024 was carried out at 101.6 percent, increasing to 104.3 percent as against 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 the 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 popular policies and for the economic development to attain major 12 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 with the capital investment and increased to 100.3 percent as against the previous year.

Funds equivalent to 13.9 percent of the total budgetary expenditure were allotted to the work of the national economy so that all sectors and units could concentrate their efforts on the readjustment and reinforcement project 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, etc.

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 each other forward.

The state budget for this year has been compiled to ensure the acceleration of the significant change in the national defence capabilities, the successful fulfillment 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 reporter said, and went on:

The state budgetary revenue is expected to grow by 102 percent over last year, with the turnover tax, a major item of the budgetary revenue, increasing by 100.6 percent and the income from state enterprises by 102.5 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, as 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 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.

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 100.2 percent over last year.

As compared with last year, 106.4 percent of the funds will be invested on the educational sector, 105.6 percent on the public health, 105.7 percent on the culture and 105.4 percent on the sports for the people-centered policies and the social and cultural work.

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.

The reporter stressed the need for all the officials to carry out 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.

Rodong Sinmun