Koo Yoonchul Transitions Economic Ministers' Meeting to Emergency Mode: "All Policy Tools, Including Supplementary Budget, to Be Mobilized"

Government Converts Economic Ministers' Meeting to Emergency Session

Mobilizes All Policy Tools to Minimize Impact of Middle East Crisis

Zero Tolerance for Profiteering Amid High Oil Prices

Measures to Stabilize Markets and Secure Alt

Koo Yoonchul, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the Emergency Economic Ministers' Meeting held at the Government Complex Seoul in Jongno-gu, Seoul, on the 11th. Ministry of Economy and Finance

The government has decided to convert the Economic Ministers' Meeting into an Emergency Economic Ministers' Meeting and to mobilize all available policy tools, including the formulation of an additional supplementary budget, in order to minimize the real economic impact resulting from the war between the United States and Iran.

On the morning of March 11, Koo Yoonchul, Deputy Prime Minister and Minister of Economy and Finance, presided over the Emergency Economic Ministers' Meeting at the Government Complex Seoul and stated, "We will minimize the impact of the Middle East situation on people's livelihoods, the economy, and industry."

From this day forward, the Economic Ministers' Meeting has been converted into the Emergency Economic Ministers' Meeting. The government also announced plans to upgrade the joint emergency response team, which is held every week with related agencies, to the vice-ministerial level.

Deputy Prime Minister Koo emphasized, "As economic conditions at home and abroad are changing by the minute, we are responding swiftly while taking all situations into account. Although external uncertainty remains high, the fundamentals of our leading industries, such as semiconductors, remain solid, and our crisis response capabilities are robust, including having oil reserves for 208 days."

To stabilize people's livelihoods in the face of high oil prices, Deputy Prime Minister Koo explained, "We will monitor oil price trends and consider a reduction in the fuel tax, and we will temporarily increase the diesel fuel price-linked subsidy for freight trucks, buses, and taxis. In addition, we will actively support business stabilization vouchers and emergency business stabilization funds for small business owners, and will review any additional support measures that may be needed."

He also stressed a zero-tolerance policy against the pursuit of private interests taking advantage of the crisis. Deputy Prime Minister Koo stated, "This week, we will implement the maximum price system for petroleum products. We will also announce a ban on hoarding petroleum products, thereby preventing hoarding and refusal to sell by refineries and gas stations."

Other measures mentioned include strict action against the spread of fake news and financial market manipulation, expanding the market stabilization program beyond 100 trillion won if necessary, the rapid designation of economic security items, and securing alternative sources of naphtha imports.

Deputy Prime Minister Koo stated, "If necessary, we will expand the existing market stabilization program, which exceeds 100 trillion won, and the government and the Bank of Korea will work closely together to implement additional market stabilization measures such as emergency buybacks and outright purchases of government bonds in a timely manner. We will strengthen monitoring of the supply situation of items highly dependent on the Middle East, and promptly designate them as economic security items if needed."

In particular, he emphasized, "When it comes to naphtha, we will promptly prepare government support measures, including fiscal and financial assistance, to secure alternative import sources and alternative raw materials in order to respond to potential supply disruptions."

This content was produced with the assistance of AI translation services.