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Committee: Economic and Financial Topic: Micro Financing and the Developing World Country: North Korea Many countries have fully considered enacting micro-finance institutions; however North Korea is not one of them. In the past, we have embraced the Juche philosophy- a philosophy of self-reliance. Therefore, any type of micro-finance institution would be looked down upon in our country because it undermines our government. North Korea, like any other country has had its hardships, and during the 1990’s, we experienced ours. Due to terrible weather conditions, there was a large famine, in which our people began to starve and we received aid from countries such as China, the United States of America, and South Korea. However, we felt that we could handle the problem ourselves, so we refused any more aid from outside countries. Everything we produce in North Korea is for the benefit of the country as a whole. Our people will always be employed by the government and as a result there should be little doubt in our ability to control the poverty levels in our country. As we have already mentioned, our country has a very strong and powerful government and we maintain a socialist economy. Therefore our actions in the past to combat poverty have been to prevent poverty from ever becoming a national problem and to prevent other countries from trying to give us unneeded aid. Being a very self-supported country, we believe that there is no need for any type of microfinance institutions. If a country can maintain a powerful central government, then said government should be able to control every aspect of the economy, thus preventing any type of poverty from existing. If a country cannot protect their people, then their government needs to be reassessed, not given sympathy from worldwide organizations.