President Lee Jae Myung speaks during a Cabinet meeting held at Cheong Wa Dae in Seoul, Thursday. Yonhap
President Lee Jae Myung called on the government Thursday to swiftly roll out a 100 trillion won ($68 billion) program to stabilize the country’s financial markets, citing rising tensions in the Middle East as a threat to market confidence.
During his opening remarks at Thursday’s Cabinet meeting, Lee warned that the worsening crisis in the Middle East is deteriorating the global economic and security environment. He noted that financial markets are facing growing uncertainties, while instability in energy supply and trade conditions could create broader difficulties across the economy.
The president also called for medium- to long-term strategies to diversify energy import sources in order to manage volatility in energy supply and prices, which directly affect the broader economy and daily life. At the same time, he ordered authorities to crack down on attempts to exploit the volatile market environment through hoarding, stockpiling or excessive profiteering, stressing that the government will respond firmly.
“It appears some are trying to profit from a national crisis with little regard for the hardships of others,” Lee said. “In reality, there has been no objectively significant disruption to oil supplies, yet gasoline prices at stations have spiked unexpectedly.”
Lee underscored that the government will discuss possible measures in response to the sudden spike in fuel prices.
The president further emphasized the need for swift and broad policy financing support for sectors expected to be directly affected by the crisis, particularly companies heavily dependent on Middle East exports and the shipping industry.
In addition, Lee instructed relevant ministries to identify Korean nationals currently in the region and prepare contingency evacuation plans to be used in case the situation worsens.
“While ensuring the safety of our citizens on the ground, make sure to have a rapid and secure evacuation plan ready in coordination with allied countries if needed,” Lee said, stressing the mobilization of all available resources, including military aircraft, chartered flights and overland routes.