Seoul: South Korea’s Finance Minister Choi Sang-mok reiterated on Monday that uncertainties from the recent martial law debacle have eased following the impeachment of President Yoon Suk Yeol, emphasising the country’s robust economic system.
Choi made the remarks during the opening session of a regional economic forum in Seoul attended by domestic and regional experts, including representatives from the Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO).
On Saturday, the National Assembly voted to impeach Yoon over his surprise imposition of martial law on December 3, a move that many say caused the country to plunge into unprecedented uncertainties.
“Developments over the weekend have reduced uncertainties regarding the current state of affairs,” Choi said.
The minister further assured that South Korea’s economic system remains stable, highlighting the smooth functioning of emergency response mechanisms.
Choi has been holding daily ‘F4’ meetings with top financial officials, announcing a series of countermeasures to mitigate potential economic impact from the political turmoil, including a commitment to inject ‘unlimited liquidity’ into the market if necessarym, Yonhap news agency reported.
AMRO, established in 2011, focuses on promoting macroeconomic and financial stability in the Asian region. It includes the 10-member Association of Southeast Asian Nations (ASEAN) and its three Northeast Asian partners — South Korea, China and Japan.
Meanwhile, the impeachment trial of Yoon can take up to 180 days. If the impeachment is upheld, Yoon will become the second president to be ousted after former President Park Geun-hye in 2017, triggering a snap presidential election within 60 days. Former President Roh Moo-hyun was impeached in 2004 but reinstated.
On December 14, Prime Minister Han Duck-soo began his duties as the acting President and convened a Cabinet meeting at the government complex in Seoul.
The martial law order, which was lifted within six hours after the Assembly voted it down, has prompted investigations by the police, the prosecution and the Corruption Investigation Office for High-ranking Officials into whether Yoon staged an insurrection. He is currently banned from leaving the country.
(IANS)
