South Korea Seeks Emergency Budget Amid Middle East Crisis
Speaking before parliament, Lee characterized the situation as an “unexpected, multifaceted” challenge for the country, as the conflict involving the US, Israel, and Iran entered its fifth week, according to reports. He emphasized the urgency of decisive action, stating, "Extraordinary measures are needed in times of emergency," Lee said. "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."
Legislators are anticipated to finalize and approve the proposed budget by April 10.
Amid growing concerns over energy supply disruptions, South Korea has elevated its national energy alert to the second-highest level. Authorities have also been instructed to introduce traffic management measures aimed at reducing energy consumption.
The country has faced a halt in crude oil shipments passing through the Strait of Hormuz for over ten days, following the effective shutdown of the route on March 1. The most recent tanker from the passage reached South Korea on March 20.
Data indicates that in 2024, more than half of South Korea’s energy imports—approximately 55%—originated from the Middle East, totaling around $144 billion, underscoring the nation’s vulnerability to regional instability.
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