South Korea: Finance Minister Provides Assurance as Uncertainties Diminish Following Yoon's Impeachment
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Seoul, Dec 16 (NationPress) The Finance Minister of South Korea, Choi Sang-mok, emphasized on Monday that the uncertainties stemming from the recent martial law episode have significantly diminished after the impeachment of President Yoon Suk Yeol, reaffirming the strength of the country’s economic framework.
Choi delivered these statements during the inaugural session of a regional economic forum in Seoul, which was attended by both domestic and regional specialists, including delegates from the ASEAN+3 Macroeconomic Research Office (AMRO) based in Singapore.
On Saturday, the National Assembly made the decision to impeach Yoon due to his unexpected declaration of martial law on December 3, a decision that many believe led to unprecedented uncertainties within the nation.
Choi stated, “The developments over the weekend have alleviated uncertainties regarding the current situation.”
The minister also reassured that South Korea's economic infrastructure remains solid, pointing out the effective operation of emergency response systems.
Choi has been conducting daily ‘F4’ meetings with high-ranking financial officials, where he has announced a series of countermeasures aimed at reducing potential economic repercussions from the political unrest, including a pledge to inject ‘unlimited liquidity’ into the market if deemed necessary, as reported by Yonhap news agency.
Established in 2011, AMRO is dedicated to fostering macroeconomic and financial stability in the Asian region. Its members include the 10-nation Association of Southeast Asian Nations (ASEAN) and its three Northeast Asian partners: South Korea, China, and Japan.
Meanwhile, Yoon's impeachment trial could extend for as long as 180 days. Should the impeachment be upheld, Yoon will become the second president to be removed from office following the ousting of former President Park Geun-hye in 2017, necessitating a snap presidential election within 60 days. Former President Roh Moo-hyun faced impeachment in 2004 but was reinstated.
On December 14, Prime Minister Han Duck-soo began his role as the acting President and convened a Cabinet meeting at the government complex in Seoul.
The martial law directive, which was rescinded within six hours after the Assembly rejected it, has initiated investigations by the police, the prosecution, and the Corruption Investigation Office for High-ranking Officials to determine whether Yoon orchestrated an insurrection. He is currently prohibited from leaving the country.
