In the News – N.Korea to Spend Billions on Centenary Celebrations
North Korea is about to spend an estimated US$2 billion, or one third of its annual budget, to mark the centenary of nation founder Kim Il-sung on April 15, plus an additional $850 million to build a three-stage rocket and launch pad for the event. The total would be enough to buy 4.75 million tons of rice based on current grain prices at $600 per ton as the regime holds out its hands for international food aid.
North Korea’s state budget last year was $5.7 billion, and the price tag of the centenary celebration has been estimated to be around $2 billion, according to a South Korean government source. The North invited representatives from 48 countries to Pyongyang for the centenary. Continue reading