S. Korea’s Lee orders prompt rollout of 100 tln-won financial relief amid Middle East turmoil
South Korean President Lee Jae Myung on Thursday instructed the government to swiftly implement a 100 trillion won (about $68.3 billion) financial support package aimed at stabilizing capital markets as tensions escalate in the Middle East, Qazinform News Agency cites Yonhap.
The directive was issued during an emergency Cabinet meeting called to evaluate the situation after recent U.S. and Israeli strikes on Iran over the weekend. Lee warned that the growing conflict has significantly worsened global economic and security conditions.
First, we must actively respond to the increased volatility of the financial markets, such as in stocks and the exchange rate, he said during the meeting at Cheong Wa Dae, which was held a day after he returned from state visits to Singapore and the Philippines.
He urged officials to promptly carry out the market stabilization program worth 100 trillion won to help reduce uncertainty and maintain investor confidence.
In addition to economic measures, the president directed authorities to prepare emergency evacuation plans for South Korean citizens in the Middle East. He said every available resource should be considered, including military aircraft and chartered flights.
Lee also called for stronger efforts to protect South Korean ships and their crews operating in waters near the region. Authorities were instructed to closely monitor the safety of Korean nationals abroad and, if needed, coordinate with allied countries to ensure a rapid and secure evacuation.
Earlier, Qazinform reported the latest escalation in the Middle East following U.S. and Israeli strikes on Iran has triggered a sharp reaction across global energy markets and trade routes, sending oil and gas prices higher and disrupting supply chains across several regions.
