As the Middle East situation shifted rapidly after Ayatollah Sayyid Ali Khamenei, Iran's supreme leader, died in a U.S.-Israeli strike on Iran, Prime Minister Kim Min-seok on the 1st ordered a 24-hour emergency response posture to protect public safety and minimize economic shocks. The government will hold an emergency meeting of relevant ministries this evening to discuss a comprehensive response.
According to the Prime Minister's Office, Kim said the government "recognizes with grave concern that military tensions in the Middle East have reached a peak" and issued urgent instructions to safeguard national security and stabilize the national economy.
Kim directed the Ministry of Foreign Affairs to keep tracking the whereabouts and safety of Koreans staying in the Middle East and neighboring countries and to step up swift guidance in line with changing conditions. The intent is to prioritize public safety and the protection of overseas Koreans.
He also ordered the 24-hour operation of the foreign affairs and security crisis response system to intensively analyze related information and strengthen readiness. He further called for regularizing situation assessment meetings to evaluate and share security and military risk factors.
Kim told the Ministry of Economy and Finance and the Financial Services Commission to prepare a comprehensive plan against a spike in international oil prices and heightened volatility in the foreign exchange and financial markets. He ordered the immediate activation of monitoring over oil prices, exchange rates, and the stock market, and the preemptive preparation of market stabilization measures and financial policy tools.
He instructed the Ministry of Trade, Industry and Resources and the Ministry of Oceans and Fisheries to review energy supply conditions for crude oil and liquefied natural gas (LNG), as well as logistics and supply chain risks, to minimize the impact on domestic industry and the household.
Kim also stressed the need to provide fact-based information swiftly and accurately to prevent excessive anxiety from spreading.
Kim will preside over an emergency cross-ministerial meeting to review the Middle East situation at 6:30 p.m. at the Government Complex Seoul. Attendees will include the Ministry of Economy and Finance, the Ministry of Foreign Affairs, the Ministry of National Defense, the Ministry of Trade, Industry and Resources, the Ministry of Land, Infrastructure and Transport, the Ministry of Climate, Energy and Environment, the Ministry of Oceans and Fisheries, the Financial Services Commission, the Ministry of Planning and Budget, as well as the prosecution, the Korean National Police Agency, and the National Intelligence Service. From the presidential office, the second deputy director of the Office of National Security and the director of the National Situation Room are also expected to attend.
The government plans to mobilize all capabilities across ministries to prepare for every possibility.
Meanwhile, President Lee Jae-myung departed on visits to Singapore and the Philippines and instructed that an emergency response system be maintained under the prime minister's lead. He also called for frequent reports on the government's response to the Middle East situation and its economic effects, and for thorough measures to ensure the safety of overseas Koreans.