Tuesday 2 April 2013

DPRK increases public spending (and still runs a budget surplus)

Recently the Supreme People's Assembly of the Democratic People's Republic of
Korea met and Finance Minister Choe Kwang Jin made a report on the results of the budget for last year and outlined the new budget . A little bit like George Osborne a few weeks ago  you may say. Well no as the DPRK's budget was  very different to the UK's !.
               In the DPRK public spending actually increased by 9.7% compared to  the previous year . Revenue actually increased by 10.1% , the plan for budget revenue being overfull-filled by 1.3%. This means that the DPRK economy is actually operating on a small budgetary surplus unlike the billion and trillion dollar budget deficits of the imperialist countries .
                                              Out of the budget expenditure  a massive 38.9% was spent on improving living and social benefits as well as health and education.
                                          In the DPRK public spending has consistently increased for the past 15 years . For the financial year to April 2014 the DPRK to plans to increase public spending by 5.9% including increases of 6.8% for education, 5.4% for health and 3.7% for social insurance. Spending in the coal, power, metal and rail transport industries will increase by 7.2%.
                        Thus the DPRK's budget is a budget for the people , a true socialist budget !


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