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| ▲ President Lee Jae Myung speaks during a meeting with senior aides at Cheong Wa Dae in Seoul on March 19, 2026. (Pool photo) (Yonhap) |
Lee-senior aides
Lee instructs strict economic readiness posture over concerns about prolonged Mideast war
By Kim Eun-jung
SEOUL, March 19 (Yonhap) -- President Lee Jae Myung on Thursday instructed senior aides to remain on a strict economic readiness posture and swiftly draw up a supplementary budget, as the war in the Middle East has raised fuel prices and hampered an economic recovery.
Lee made the remarks at a meeting with senior aides earlier in the day, as the closure of the Strait of Hormuz has disrupted the supply of global energy markets.
"It is difficult to predict how long the war will continue," Lee said. "I ask Cheong Wa Dae and all government ministries to keep in mind that we are effectively in an economic wartime situation and approach the situation with utmost seriousness."
Lee urged the government to quickly draw up a supplementary budget to cushion the impact of the crisis on the local economy while maintaining the momentum of economic recovery.
"The supplementary budget should be designed to absorb shocks to the people's economy and support livelihoods, while ensuring funds flow to vulnerable groups and small and medium-sized enterprises," he said, stressing the need to allocate more resources to regional areas that are more vulnerable to external shocks.
Lee also called for continued efforts to secure crude oil and key raw materials, as well as to explore stable supply routes.
"As uncertainty in the Middle East expands, the need for more active and long-term supply and demand measures for crude oil and key raw materials has grown," Lee said. "Now, urgent efforts are needed to secure even one more drop of crude oil and explore stable supply routes."
Lee expressed appreciation for the United Arab Emirates' pledge to supply 24 million barrels of crude oil and prioritize shipments to South Korea, following a recent visit to the Gulf nation by his chief of staff, Kang Hoon-sik.
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