South Korea is reviewing contingency plans to better insulate the country from the political and fiscal fallouts from the ongoing crisis in Greece, the country’s top economic policymaker said Monday.

Finance Minister Bahk Jae-wan told a meeting of senior ministry officials that there is a pressing need to keep close tabs on developments taking place in Greece and its effects on the South Korean economy.

“Seoul must re-examine its existing contingency plans and prepare for every possible development that can arise,” he said.

Anti-austerity election results earlier in the month and failure to form a coalition government have raised political uncertainties and fueled fears that the European country may exit the eurozone. Troubles in Athens have also spilled over into other neighboring countries that have caused stock markets to crash all over the world.

The official, in addition, said that the government plans to explain in detail South Korea’s sound economic fundamentals during the regular annual meetings with the International Monetary Fund and Moody’s Investor Service that will take place in the coming weeks.

Such a move could give a better image of the country’s economic health and ensure that the country’s sovereign credit rating and future outlook is not affected.

Moody’s raised South Korea’s rating outlook to positive from stable in April and maintained the country’s government bond rating at A1.

The IMF said Asia’s fourth largest economy will grow 3.5 percent this year, which is lower than Seoul’s forecast of 3.7 percent. (Yonhap News)