North Korea has set its budget for the year at some five-point-seven billion dollars, for which construction is earmarked more for this year than it was last year.
According to the South Korean Unification Ministry and North Korea’s state-run Korean Central News Agency, North Korea set the budget for the year at the 12th Supreme People’s Assembly on Thursday.
The overall budget has increased by eight-point-nine percent, and spending on construction has been allocated 15-percent more than last year.
Experts say, with the expanded budget for construction, North Korea aims to concentrate on projects it intends to tout as achievements as the reclusive regime pledged to reemerge as a strong nation by next year. Relevant projects are the building of some 100-thousand homes in Pyongyang and of a power plant in Huicheon.
The North Korean budget reflected the communist nation’s emphasis for the year on light industry and agriculture, with their budgets upped by more than 13-percent and nine-percent respectively. The defense budget was allocated 15-point-eight percent of the total this year, which is the same as last year.