North Korea announces the closure of some embassies due to an alleged financial crisis

Amid growing speculation about North Korea’s economic situation, the secretive communist country has closed several of its embassies around the world, raising suspicions of a financial crisis.

Last Friday, North Korea reported that it will close its embassy in Nepal, marking the fifth closure in recent months. This move is part of a diplomatic restructuring that has also involved the closure of embassies in Spain, Angola, Uganda and Hong Kong.

“We are conducting operations to withdraw and establish diplomatic missions in accordance with the changed global environment and national diplomatic policy,” North Korea’s Foreign Ministry spokesperson reported earlier this month.

Is North Korea facing financial difficulties?

North Korean dictator Kim Jong Un’s decision to withdraw from these countries has created confusion among diplomats and led South Korean experts to speculate about the country’s rapidly deteriorating financial situation.

According to data from the South Korean Government, although North Korea has diplomatic relations with more than 150 countries, it only operates in around 50, and this number could decrease due to the alleged difficulties that the dictatorial regime faces in earning foreign currency.

According to South Korean sources, North Korea relies heavily on help from allies, and sometimes even enemies, to deal with the hunger of its population, which could be worsened by the tightening of international sanctions over the nuclear and missile tests that the Kim Jong Un regime has carried out.

“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,” South Korea’s Unification Ministry said last month, according to Yonhap News Agency.