Economic Plan, Budget Discussed At N.Korea Supreme People’s Assembly

Economic Plan, Budget Discussed At N.Korea Supreme People’s Assembly - Telugu International,politics

Seoul, Jan 18 : North Korea held the Supreme People’s Assembly to mainly discuss the country’s five-year economic and budget plans, state media reported on Monday.

 Economic Plan, Budget Discussed At N.korea Supreme People’s Assembly-TeluguStop.com

In a report, Pyongyang’s official Korean Central News Agency (KCNA) said that the fourth session of the 14th Supreme People’s Assembly (SPA) was held in Mansudae Assembly Hall in the capital on Sunday.

The one-day session decided on its agenda items, an organizational matter, and on thorough implementation of the five-year plan for national economic development set forth at the eighth Congress of the Workers’ Party of Korea, as well as the review of fulfillment of the state budget for 2020 and the state budget for 2021, Xinhua news agency quoted the KCNA report as saying.

The speakers “seriously analysed and reviewed shortcomings, causes and experience in the efforts for making remarkable progress in the development of the country’s economy and improvement of the people’s standard of living in the past”.

They also suggested realistic and dynamic measures for implementing the new five-year plan, the KCNA added.

Deputy Kim Tok-hun, the cabinet premier, made a report at the session in which he called for thoroughly carrying out the five-year plan for national economic development set forth at the eighth congress which concluded last Tuesday.

He stressed that the cabinet will put the economy on a normal track that makes sustained development, unaffected by any outside influence while maintaining a firm hold on the adjustment strategy and reinforcement strategy together with self-reliance and self-sufficiency, according to the report.

He said that they would give priority to the development of key industries including metal industry and chemical industry, which constitute twin pillars of the national economy, and achieve a breakthrough in carrying out the five-year plan in order to keep the overall economy afloat.

North Korean leader Kim Jong-un however, did not attend Sunday’s meeting.

The SPA is the highest organ of power under the constitution, but it rubber-stamps decisions by the ruling Workers’ Party, Yonhap News Agency said in a report.

It usually holds a plenary session in March or April to deal mainly with budget and cabinet reshuffles

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