South Korea's Lee urges prompt passage of $17 billion extra budget amid Middle East energy crisis

South Korea's Lee urges prompt passage of $17 billion extra budget amid Middle East energy crisis

SEOUL, April 2 (Reuters) - South Korean President Lee Jae ‌Myung on Thursday urged ‌parliament to promptly pass a 26.2 ​trillion won ($17.3 billion) supplementary budget to shore up the economy amid "the worst energy security threat" ‌posed by ⁠the Middle East crisis.

Reuters Cars line up at a gas station in Seoul, South Korea, March 9, 2026. REUTERS/Kim Hong-Ji FILE PHOTO: South Korean President Lee Jae Myung speaks during his new year press conference at the presidential Blue House in Seoul, South Korea, Wednesday, Jan. 21, 2026. Ahn Young-joon/Pool via REUTERS/File Photo

FILE PHOTO: South Korea considers nationwide driving curbs as oil prices soar

"Even if the war ends ⁠tomorrow, it will take a considerable period of time ​for the ​destroyed ​energy infrastructure facilities ‌in the Middle East to be restored and supplies to run as smoothly as before," Lee told parliament in ‌a televised speech.

Parliament ​is expected to ​pass the ​extra budget by ‌April 10.

Advertisement

The government plans ​to ​implement the budget as soon as it is approved ​by parliament.

($1 = ‌1,521.6000 won)

(Reporting by Joyce ​Lee and Jihoon LeeEditing ​by Ed Davies)

 

NEO MAG © 2015 | Distributed By My Blogger Themes | Designed By Templateism.com