President Lee Jae Myung on March 5 chairs a Cabinet meeting at Cheong Wa Dae on responses to the Middle Eastern situation. (Yonhap News)

By Kim Seon Ah

President Lee Jae Myung has urged proper and quick execution of a market stabilization program worth KRW 100 trillion to prevent financial jitters amid the worsening situation in the Middle East.

"The global economic and security environment is worsening as the crisis in the Middle East escalates," he told a Cabinet meeting on March 5 at Cheong Wa Dae. "Based on awareness of the grave situation, each ministry must swiftly respond to all foreseeable problems."

On the financial market, President Lee said, "We must actively respond to higher market volatility including in stocks and foreign exchange rates, plus accelerate policy efforts to stabilize the capital market and improve its structure."

"We must thoroughly block crimes such as fake news and price manipulation and enforce a zero-tolerance policy in holding responsible those instigating economic chaos."

On energy supply and demand, he urged swift measures to stabilize emergency supply and demand for crude oil, gas and naphtha and diversify their import sources. He also demanded a strong crackdown on profiteering during the crisis, citing examples of gas stations hiking prices by almost KRW 200 per liter.

The president urged expanded policy financing support for companies heavily reliant on exports to the Middle East and shipping, in addition to thorough measures to ensure the safety of Korean nationals in the region and emergency evacuation plans.

The Cabinet also passed seven bills as originally proposed including one on a partial amendment to the Commercial Act.

sofiakim218@korea.kr