Finance Minister Yoo Il-ho on Friday convened a meeting of economy-related ministers upon the National Assembly’s impeachment of President Park Geun-hye and vowed to mobilize a combined emergency team for the economy.

Yoo, who also acts as the deputy prime minister, said that he sent letters to global credit rating agencies and foreign investors and shared a telephone conversation with some of them to explain in detail the measures the government is planning to take post-impeachment.

“As a member of the Cabinet, I feel great remorse at the passage of the impeachment bill of the president at a time of economic hardship,” Yoo said in the meeting held in the evening.

“The economic team feels grave responsibility and will exert all efforts with extraordinary determination to avoid even the slightest of instability.”

He said the emergency team will be on alert 24-7 for the financial market both here and abroad, as well as the condition of exports, investment and employment, and vowed to maintain the consistency of the policy.

“The Korean economy has faced crises and challenges in the past and we have the experience and the capacity to survive them with wisdom and leap forward.” (khnews@heraldcorp.com)