President Yoon Suk Yeol instructed the government Monday to strengthen monitoring against financial instability factors, including the Silicon Valley Bank crisis, and to take immediate countermeasures in the event a risk is detected, his spokesperson said.

Yoon gave the instruction during a weekly meeting with Prime Minister Han Duck-soo at his office, Lee Do-woon told a press briefing.

The two also discussed the response to forest fires and drought, with Yoon ordering relevant government agencies to make all-out efforts to prevent spring forest fires and to work closely with local governments to come up with effective measures against damage from drought, especially in the southern regions, Lee said.

Source: Yonhap News Agency