Photo : YONHAP News
The government will raise its emergency response level by a notch to deal with issues stemming from the Middle East crisis.
Deputy Prime Minister and Finance Minister Koo Yun‑cheol announced on Tuesday that the government will heighten its response from Wednesday.
Koo reiterated that the government will implement price caps on gasoline and diesel this week, secure oil imports outside of the Middle East and secure naphtha supply chains, among other items, to effectively manage energy supply and demand.
The minister also said the government will implement its market stabilization program worth 100 trillion won, or roughly 68 billion U.S. dollars, in a timely manner, adding that it will expand the program if deemed necessary.
The government is set to support small businesses and exporters that are likely to be hit hard by the volatility in oil prices with emergency vouchers as well as special loan maturity extensions.