North Korea continues to claim it has no cases of covid-19
was not on the agenda when Kim Jong Un, North Korea’s dictator, appeared at a party meeting on May 23rd after his second three-week absence from public view in as many months. According to state media, the Supreme Leader promoted several military officials and laid out plans to beef up the North’s nuclear deterrent. That was exactly the sort of action Mr Kim should avoid, America’s national security adviser responded, if he wanted North Korea to have a “great economy”.
Even so, sanctions seemed to be causing pain. In his New Year speech, Mr Kim warned his people that leaner days lay ahead and that the country needed to become still more self-reliant—a break with the promises of growth and prosperity that had previously marked his tenure. The impact of these developments on life in North Korea is even harder to discern than usual, given that the border restrictions have also reduced the already meagre flow of information out of the country. There are no signs of an acute shortage of food and other essentials, but prices have gyrated. In the border town of Hyesan, the price of a kilo of rice rose by more than 20% between January and April, according to Daily, a website specialising in news from North Korea.
Meanwhile, the apparent shortage of foreign currency has probably been hampering progress on pet projects such as new holiday resorts, which are designed to please cronies of the regime. It has responded by tapping reserves held by businesses. It has launched an extensive bond-buying programme to finance more than half the annual budget, with some firms compelled to use their foreign-currency reserves to purchase government debt.
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