The 11th Supreme People's Assembly (SPA) of the Democratic People's Republic of Korea (DPRK)on Wednesday approved a budget which will boost spending on basic industries and the livelihood of its people, the official Korean Central News Agency (KCNA) reported.
During his work report at the sixth session of the SPA, Premier Kim Yong Il said that the main economic tasks of the government for 2008 would be to "boost the basic industries, the pilot sectors of the national economy," and "decisively solve the food and consumer goods problems to bring a substantial improvement of people's living standards."
The approved budget will only raise military spending in 2008 marginally, from last year's 15.7 percent to 15.8 percent. Spending this year would rise nearly 50 percent on the power, coal and metal industries, and on rail transport. Overall spending is set to rise 2.5 percent this year.
"We will (also) mass-produce quality consumer goods by operating the light industrial factories in full capacity and continue pushing forward the work to build new production bases," Premier Kim said.
He also said a new five-year plan would begin from this year to develop science and technology of the country.
Source:Xinhua
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