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South Korea Launches $73B War Chest Amid Mideast War Market Panic

South Korean President Lee Jae Myung has ordered the immediate execution of a 100 trillion-won financial stabilization package to counter capital market volatility sparked by the widening Middle East conflict. He convened an extraordinary Cabinet meeting upon returning from state visits to address the deteriorating global security and economic environment. The President also mandated the government to prepare multi-tiered emergency evacuation plans for the approximately 21,000 South Korean nationals across 13 Middle East countries. Further instructions included ensuring the safety of South Korean vessels and crew in regional waters, utilizing all means including military aircraft for potential evacuations.

Key Points: S. Korea Executes 100 Trillion Won Crisis Package

  • 100-trillion-won financial package
  • Evacuation plans for S. Koreans
  • Response to Middle East war volatility
  • Safety of vessels and crew
  • Post-state visit crisis meeting
3 min read

South Korea: Lee orders swift execution of 100 trillion-won financial package amid Middle East crisis

President Lee Jae Myung orders swift execution of a massive financial stabilization fund and evacuation plans for citizens in the Middle East.

"Swiftly execute the 100 trillion-won market stabilisation programme designed to prevent anxiety in the capital markets. - President Lee Jae Myung"

Seoul, March 5

South Korean President Lee Jae Myung ordered the government Thursday to swiftly execute a 100 trillion-won financial package to stabilise the capital markets amid the widening war in the Middle East.

Lee gave the instruction during an extraordinary Cabinet meeting convened to discuss the situation following last weekend's US-Israeli strikes on Iran, saying the escalating crisis has led to a serious deterioration of the global economic and security environment.

"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.

"Swiftly execute the 100 trillion-won market stabilisation programme designed to prevent anxiety in the capital markets," he said.

Lee ordered the government to draw up emergency evacuation plans for South Koreans in the Middle East, saying all means should be employed, including the use of military and chartered aircraft, Yonhap news agency reported.

He also called for efforts to ensure the safety of South Korean vessels and crew members in waters around the region.

"While frequently checking the safety of our nationals there, if necessary, draw up and execute a swift and safe evacuation plan in cooperation with friendly nations," he added.

President Lee Jae Myung also ordered the government to draw up an evacuation plan for South Koreans in the Middle East as the U.S.-Israeli war on Iran widened.

"I ask the relevant authorities to determine without missing a single person our nationals there, including employees, business travelers, students and tourists, and thoroughly prepare emergency evacuation plans in two or three tiers for contingency scenarios," 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.

"While frequently checking the safety of our nationals there, if necessary, draw up and execute a swift and safe evacuation plan in cooperation with friendly nations," he added.

Lee also ordered efforts to ensure the safety of South Korean vessels and crew members in waters around the Middle East.

According to Foreign Ministry figures, approximately 4,000 short-term visitors, including travelers, and some 17,000 long-term residents, including expatriates, are currently in 13 Middle East countries, with about 2,000 people stranded in Dubai alone. The Dubai figure likely includes travelers using the city as a transit hub en route to Europe or Africa.

- IANS

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Reader Comments

P
Priya S
First priority is always the safety of citizens abroad. South Korea's plan for evacuation using military aircraft is commendable. India has a large diaspora in the Gulf; our embassies should also have robust, multi-tiered evacuation plans ready. Safety first! 🙏
R
Rohit P
While the financial package is huge, I hope it's targeted well and doesn't just become a bailout for big institutions. Sometimes these stimulus measures don't reach the common people. The focus should be on stabilizing essentials for the average citizen.
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Sarah B
The number of people affected – 21,000 South Koreans in the region – is staggering. It puts into perspective the scale of such conflicts. Global instability affects everyone, from students to business travelers. Hoping for a peaceful resolution soon.
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Vikram M
This is a lesson in crisis management. Returning from state visits and immediately chairing an emergency cabinet meeting shows leadership. In today's world, you can't ignore external shocks. India's foreign and finance ministries must have similar contingency plans for our citizens and economy.
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Kavya N
The mention of ensuring safety for vessels is crucial. So much of world trade, including India's, passes through those waters. Any disruption there hits supply chains and costs here. Jai Hind, but we need global cooperation to keep sea lanes secure.

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