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| ▲ President Lee Jae Myung speaks during a Cabinet meeting at Cheong Wa Dae in Seoul on March 5, 2026. (Yonhap) |
(2nd LD) Lee-Cabinet meeting
(2nd LD) Lee orders swift execution of 100 tln-won financial package amid Middle East crisis
(ATTN: UPDATES with Lee's remarks on economy; CHANGES headline)
By Lee Haye-ah
SEOUL, March 5 (Yonhap) -- President Lee Jae Myung ordered the government Thursday to swiftly execute a 100 trillion-won (US$68.3 billion) financial package to stabilize 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 U.S.-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 stabilization program 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.
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.
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