Seoul: 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.

According to Yonhap News Agency, Lee emphasized the difficulty in predicting the duration of the ongoing conflict, urging Cheong Wa Dae and all government ministries to approach the situation with the seriousness of an economic wartime scenario. The President called for the swift creation of a supplementary budget to mitigate the crisis's impact on the local economy while sustaining economic recovery momentum.

Lee outlined that the supplementary budget should be tailored to absorb economic shocks and support livelihoods, particularly by ensuring funds are directed toward vulnerable groups and small and medium-sized enterprises. He stressed the importance of allocating more resources to regional areas more susceptible to external economic shocks.

Moreover, Lee underscored the necessity for ongoing efforts to secure crude oil and key raw materials, along with exploring 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," he stated. Urgent actions are required to secure additional crude oil and identify stable supply channels.

In closing, Lee expressed gratitude for the United Arab Emirates' commitment 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.