South Korea plans to draft a supplementary budget of 25 trillion won (US$16.6 billion) as soon as possible, which could include cash vouchers for consumers and financial support for companies, amid growing stimulus talks by other economies.
“Right now, what matters most is not saving government finances, but deploying funds swiftly and effectively where they are needed most,” Lee told the meeting, as the finance ministry said it would submit the budget to parliament by end-March.
The ongoing United States-Israeli strikes on Iran and Tehran’s retaliation have produced severe disruptions to global energy markets, bringing tanker traffic through the Strait of Hormuz to a near standstill.
South Korea imports around 70 per cent of crude oil through the Strait of Hormuz, according to lawmakers and the industry ministry.
The country faces a looming energy crisis despite holding about 190 million barrels of oil reserves – 100 million barrels by the government and 90 million by private refiners.
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