Kim Jong Un is demanding a sharp increase in cash from North Korea’s moneyed class to counter the dual threats from coronavirus and sanctions.
As North Korea faced its steepest economic downturn since 1997, analysts said its 36-year-old leader was reasserting centralised control over the economy, potentially undermining the shift towards marketisation and fledgling signs of capitalism.
Experts said reports of a rare bond issuance planned by Pyongyang, targeted at raising foreign currency to cover as much as 60 per cent of the country’s budget from rich North Koreans — often referred to as the donju — indicated the severity of the economic downturn.
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