North Korean leader Kim Jong UnKim Jong UnNorth Korea’s Kim admits five-year economic plan has been ‘seriously delayed’ Trump dismisses forthcoming Woodward book as ‘fake’ New Bob Woodward book will include details of 25 personal letters between Trump and Kim Jong Un MORE on Wednesday admitted that his five-year plan to boost the country’s economy is falling behind as the ruling Workers’ Party schedules a rare congressional session in January to map out a new plan forward.

The Workers’ Party said in a statement run on state media Thursday, “the economy has not been improved in the face of sustained severe internal and external situations and unexpected manifold challenges, with the result that the goals to be attained for national economic growth have been seriously delayed and the people’s living standards have not been improved remarkably.” 

The announcement appeared to be a recognition that U.S.-led sanctions, the coronavirus pandemic and a series of devastating floods have taken a toll on the country’s already beleaguered economy. 

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The Workers’ Party decided that it will convene a January congressional session “after analyzing and reviewing the experience and lessons gained in the work of the past five years” in order to “set forth a correct line of struggle and strategic and tactical policies on the basis of the new requirements of our developing revolution and the prevailing situation.” 

Kim announced his first five-year plan in 2016 with the goal of boosting his country’s power supply and agricultural and manufacturing production, though recognized at the Wednesday meeting that the plan had fallen short. 

The economic struggles are believed to be in part due to the coronavirus pandemic, which led to a lockdown that curtailed trade with China, Pyongyang’s chief economic partner. 

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South Korea’s spy agency also told lawmakers that Kim had been delegating some of his powers to some senior advisers amid the crunch, according to The Associated Press.

Kim has already begun to rejigger his senior staffing, dismissing his premier after examining his government’s economic policies.

The report from state media did not include any remarks from Kim regarding nuclear diplomacy, which collapsed after two summits with President TrumpDonald John TrumpFive takeaways from the Democratic National Convention What we’ll remember from the 2020 Biden convention Chris Wallace labels Biden’s acceptance speech ‘enormously effective’ MORE over disagreements over sanctions relief and the denuclearization process.