President Lee to Chair Emergency Cabinet Meeting on Middle East Crisis

President Lee Jae-myung will convene an emergency cabinet meeting immediately upon returning from state visits to Singapore and the Philippines to review response measures to the Middle East situation.

The Presidential Office announced on the 4th that the emergency cabinet meeting will be held on the 5th. The meeting is expected to thoroughly examine the Middle East situation arising from the U.S.-Iran war. The emergency response comes as market conditions have become urgent, with oil prices surging and the won-dollar exchange rate breaking through 1,500 won during trading following the outbreak of the Iran war. The Ministry of Finance and Economy and the Ministry of Foreign Affairs are expected to report on the situation, with comprehensive response measures to be discussed.

Ahead of the emergency cabinet meeting, Presidential Policy Chief Kim Yong-beom convened a meeting of relevant ministries on the same day. The meeting will be attended by the Ministry of Finance and Economy, Financial Services Commission, Bank of Korea, Financial Supervisory Service, Ministry of Trade, Industry and Energy, Ministry of Oceans and Fisheries, Ministry of Land, Infrastructure and Transport, and Ministry of SMEs and Startups. With financial markets experiencing significant volatility, the Presidential Office and government plan to respond according to crisis response scenarios.

Earlier, President Lee emphasized through social media on the 1st that "the cabinet, including Prime Minister Kim Min-seok, is thoroughly preparing in all areas including the real economy, finance, and military security." President Lee, who has been on the state visit since the 1st, is scheduled to return late this afternoon.