Moon to address financial market instability in 2nd emergency council session

SEOUL,  President Moon Jae-in plans to focus on how to stabilize South Korea’s financial market, which has been jolted by fears of a coronavirus-led global recession, when he holds a second session of the “emergency economic council” this week, his office said Monday.

Moon is scheduled to chair the meeting on Tuesday following last week’s inaugural one, in which he announced a 50-trillion-won (US$39 billion) financial aid package for small-and medium-sized enterprises, tiny shop owners and self-employed people vulnerable to a looming liquidity crisis.

In the upcoming meeting, Moon will discuss ways to minimize instability of the security, bond and short-term capital markets and will make public a related policy decision, according to Cheong Wa Dae.

Financial Services Commission (FSC) Chairman Eun Sung-soo is to hold a separate press briefing on details, it added.

Source: Yonhap News Agency

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