North Korea facing economic and humanitarian crisis after COVID-19
- 4 years ago
코로나-19 이후 경제적•인도적 위기 직면한 북한
North Korea appears to be facing an economic and humanitarian crisis after closing its borders in late January following the COVID-19 outbreak.
Struggling with financial difficulties, the regime has reportedly forced wealthy entrepreneurs to purchase bonds.
Our Hong Yoo reports.
For the first time in almost 20 years, North Korea is issuing bonds to overcome economic difficulties .
But these bonds are different from those issued in OECD countries.
The OECD says North Korea is forcing its wealthy entrepreneurial class, known as "donju", to buy bonds with hard currency.
Because Pyeongyang closed its borders at the start of the coronavirus outbreak, the North's trade balance is worse than usual.
The International Trade Commission said North Korea's exports to Russia in February totaled just 8-thousand U.S. dollars.
That is a 96 percent drop compared to same month last year.
The North's exports to China for the month of March were only 616-thousand dollars, dropping around 95 percent on year.
As well as an economic crisis, a humanitarian crisis is brewing.
For more than three months, international relief organizations have not been able to ship humanitarian supplies to the North because of the closed borders due to COVID-19.
The American Friends Service Committee, which has been providing farming technology to the North, says its operation is on pause due to the border closure.
Another relief organization helping the regime treat Tuberculosis said its medicines cannot be shipped from India until it gets confirmation the medicine will be cleared through China.
Meanwhile, North Korea is demanding efforts from the military to tackle economic difficulties.
The regime's official newspaper said Thursday that its military needs to spearhead major construction projects and economic development.
North Korea had focused on improving its economy and becoming economically independent since its leader Kim Jong Un said during a party meeting last December that he does not think the U.S. will be lifting sanctions anytime soon.
Hong Yoo, Arirang News.
North Korea appears to be facing an economic and humanitarian crisis after closing its borders in late January following the COVID-19 outbreak.
Struggling with financial difficulties, the regime has reportedly forced wealthy entrepreneurs to purchase bonds.
Our Hong Yoo reports.
For the first time in almost 20 years, North Korea is issuing bonds to overcome economic difficulties .
But these bonds are different from those issued in OECD countries.
The OECD says North Korea is forcing its wealthy entrepreneurial class, known as "donju", to buy bonds with hard currency.
Because Pyeongyang closed its borders at the start of the coronavirus outbreak, the North's trade balance is worse than usual.
The International Trade Commission said North Korea's exports to Russia in February totaled just 8-thousand U.S. dollars.
That is a 96 percent drop compared to same month last year.
The North's exports to China for the month of March were only 616-thousand dollars, dropping around 95 percent on year.
As well as an economic crisis, a humanitarian crisis is brewing.
For more than three months, international relief organizations have not been able to ship humanitarian supplies to the North because of the closed borders due to COVID-19.
The American Friends Service Committee, which has been providing farming technology to the North, says its operation is on pause due to the border closure.
Another relief organization helping the regime treat Tuberculosis said its medicines cannot be shipped from India until it gets confirmation the medicine will be cleared through China.
Meanwhile, North Korea is demanding efforts from the military to tackle economic difficulties.
The regime's official newspaper said Thursday that its military needs to spearhead major construction projects and economic development.
North Korea had focused on improving its economy and becoming economically independent since its leader Kim Jong Un said during a party meeting last December that he does not think the U.S. will be lifting sanctions anytime soon.
Hong Yoo, Arirang News.