South Korea’s Ministry of Economy and Finance reviewed the government’s response to continuing uncertainty from the Middle East conflict, including renewed hostilities between the United States and Iran. The review covered macroeconomic and price pressures, energy supplies, financial stability, household welfare and overseas developments, with ministries directed to accelerate previously announced measures and limit spillovers to the domestic economy and financial markets. The government had deployed KRW 18.7 trillion through policy finance programs and KRW 10.5 trillion through bond and funding market stabilization programs as of Sept. 1. For September and October, crude oil and naphtha supplies were secured at about 90% of the previous year’s average, while authorities were facilitating alternative imports and using strategic oil swaps to address potential shipping disruptions. Household measures include KRW 103 billion in discounts for agricultural, livestock and fishery products, expanded supplies of 183,000 metric tons of high-demand goods, support for vulnerable borrowers and a welfare outreach exercise covering 160,000 people.

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