S. Korea Requests USB17.1B Emergency Budget
Speaking to parliament, Lee characterized the crisis as “unexpected, multifaceted” for the country, as the US-Israeli war with Iran entered its fifth week. He said, “Extraordinary measures are needed in times of emergency. The government recognizes the current situation as a wartime-level crisis for the people's economy and is mobilizing all available resources to overcome it.”
Lawmakers are expected to pass the supplemental budget by April 10. South Korea has already issued a second-level national energy security alert due to disruptions in oil supplies. In a separate directive, Lee instructed officials to implement traffic control measures as part of broader energy-saving initiatives.
Seoul’s crude oil imports through the Strait of Hormuz have been halted for over 10 days following the waterway’s effective closure on March 1, with the last tanker reaching South Korea on March 20. In 2024, the country relied on the Middle East for about 55% of its energy imports, valued at roughly $144 billion.
Tensions in the region have escalated since February 28, when Israel and the US launched a joint offensive against Iran, resulting in more than 1,340 deaths, including the then-Supreme Leader Ali Khamenei. Iran has responded with drone and missile attacks targeting Israel, Jordan, Iraq, and Gulf countries hosting US forces, causing casualties, infrastructure damage, and disruptions to global markets and aviation.
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