President Lee Jae-myung (이재명) said on Wednesday, in relation to the Middle East situation, that he wanted a 100 trillion won market stabilisation programme prepared to pre-empt funding market unrest to be executed and managed appropriately and swiftly.

Lee said at the eighth extraordinary cabinet meeting held at Cheong Wa Dae that authorities must respond proactively to rising volatility in financial markets such as stocks and the exchange rate. He said the government must accelerate policy efforts to stabilise capital markets and improve their structure.

He said the global economic security environment has worsened significantly as the crisis in the Middle East region intensifies. He predicted that with financial markets around the world facing uncertainty, instability in energy supply and demand and in exports and imports is expected to cause considerable difficulties across the economy, industry and people’s livelihoods.

He stressed that each ministry should, based on a serious recognition of the situation, push ahead swiftly, thoroughly and in detail with measures for all foreseeable problems.

He also called for a thorough crackdown on criminal acts such as fake news and price manipulation, adding that forces seeking to profit by fomenting confusion in the national economy must be held strictly responsible under a zero-tolerance principle.