South Korea: Lee Orders Swift Execution Of 100 Trillion-Won Financial Package Amid Middle East Crisis

(MENAFN- IANS) Seoul, March 5 (IANS) South Korean President Lee Jae Myung ordered the government Thursday to swiftly execute a 100 trillion-won (US$68.3 billion) 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.

MENAFN04032026000231011071ID1110820016