Finance Minister of South Korea Commits to Unwavering Efforts to Sustain Sovereign Rating Amid Political Crisis
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Seoul, Dec 8 (NationPress) South Korean Finance Minister Choi Sang-mok declared on Sunday that the government will spare no effort in maintaining its sovereign rating and ensure that economic policies proceed smoothly, regardless of the current political turbulence in the country.
These comments come as the nation grapples with an escalating political crisis following President Yoon Suk Yeol's brief announcement of martial law last week, as reported by Yonhap news agency.
Yoon narrowly avoided impeachment on Saturday, with nearly all ruling party lawmakers abstaining from a parliamentary vote that required a two-thirds majority to suspend his presidential powers.
An urgent meeting of economic ministers is scheduled for later today, during which relevant ministers will release a unified statement, according to the ministry.
The principal opposition party, the Democratic Party, announced on Saturday that it will persist in its efforts to initiate Yoon's impeachment weekly, despite the recent motion's failure due to insufficient quorum.
In September, South Korea commenced its yearly consultation meetings with the global rating agency S&P Global to review the country’s credit rating and other matters.
In April, S&P affirmed South Korea's long-term sovereign credit rating at AA, marking the third-highest rating in the agency's classification, which has remained unchanged since August 2016, following an upgrade from AA-.
