Finance Minister Yoo Il-ho says the government will tighten its emergency response system to consistently deal with pending economic issues in the wake of the Constitutional Court’s ruling to oust former President Park Geun-hye.

The minister made the remarks on Monday during a meeting with reporters, saying the impeachment ruling’s effects on the financial market and the economy is limited. He pointed to global ratings agencies' assessments that the ruling has no immediate impact on South Korea’s sovereign credit rating.

Yoo also disagreed with criticism that economic policies of the Park administration failed, claiming that the government's reform plans for the public and insurance sectors were on the right track and achieved some of its goals.

The minister will visit Britain to explain the country’s economic conditions to global ratings agencies before attending the G-20 finance ministers’ and central bank governors’ meeting set for Friday and Saturday in Germany.