Deputy PM Choi Reassures International Stakeholders

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok has sent an urgent letter to finance ministers of various countries, heads of major international organizations, global credit rating agencies, and financial institutions. The letter was intended to reassure international stakeholders about the stability of South Korea's economic policies following the recent declaration and lifting of martial law.

The National Assembly had requested the termination of martial law, which was subsequently deliberated by the State Council. Following these deliberations, martial law and all measures issued under it were lifted. This significant development was communicated by Deputy Prime Minister Choi in his letter, where he emphasized the government's commitment to maintaining stable economic policies.

"The martial law and all measures issued under it were lifted following the National Assembly's request for its termination and the deliberation of the State Council, based on the Constitution and related laws," Choi stated in the letter. He assured that all national systems, including Korea's political and economic systems, are operating normally as before.

The Ministry of Economy and Finance explained that the purpose of the letter was to express the government's dedication to operating economic policies stably. Choi highlighted that the confusion caused by non-economic factors is being effectively controlled by a sound economic system.

Choi also pointed out that the rapid stabilization of the financial and foreign exchange markets demonstrates that the economic turmoil will not be prolonged.

In his letter, Choi emphasized the government's commitment to operating economic policies stably through cooperation among related ministries while minimizing the negative impact on economic activities such as exports.

Furthermore, Choi assured that the government would communicate transparently about the economic situation in Korea.

South Korea's robust and dynamic economy, being one of the largest in Asia and globally, relies heavily on exports and financial markets. The government's swift action to stabilize the economy and reassure international stakeholders is crucial in maintaining investor confidence and preventing any negative impact on the country's economic standing and credit ratings.