North Korea's Global Diplomatic Exodus: Is A Financial Crisis Looming?

Written By BlabberBuzz | Sunday, 12 November 2023 16:20
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North Korea's ongoing financial crisis is deepening as it continues to close down several of its limited embassies worldwide.

The latest country to be affected is Nepal, where the North Korean embassy is being shut down, according to reports published on Friday. This move follows similar closures in Spain, Angola, Uganda, and Hong Kong, as part of what North Korea claims is a diplomatic restructuring effort.

A spokesperson for North Korea's foreign ministry stated, "We are conducting operations to withdraw and establish diplomatic missions in accordance with the changed global environment and national diplomatic policy." This decision, approved by Supreme Leader Kim Jong Un, has left diplomats puzzled and raised concerns about the country's financial stability.

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South Korean experts believe that these embassy closures reflect a deteriorating financial situation for North Korea. The South Korean Unification Ministry stated, "The flurry of measures appears to show that it is no longer feasible for the North to maintain diplomatic missions as their efforts to obtain foreign currency have stumbled due to strengthened sanctions."

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North Korea heavily relies on foreign aid to feed its population, as it struggles with domestic production and limited trade. Defectors from the country have revealed that North Korean embassies are often funded through illegal activities and illicit money-making projects. Diplomats from North Korea have been involved in international incidents related to counterfeiting, human trafficking, and drug trafficking.

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Interestingly, while North Korea is closing embassies in various countries, it is simultaneously working to strengthen its relations with Russia and China. In recent months, the reclusive nation has received multiple diplomatic missions from both countries, indicating a strategic shift in its foreign policy.

As North Korea's financial crisis deepens and its embassy closures continue, the international community remains concerned about the country's stability and its impact on regional dynamics.

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