The government will unveil measures aimed at stabilizing the local financial market as volatility has sharply increased due to the coronavirus pandemic.

The Financial Services Commission said on Monday that stabilization measures will top the agenda of the second meeting of the emergency economic council. 

The meeting on Tuesday will be chaired by President Moon Jae-in and focus on ways to provide stability to the securities, bond and short-term capital markets.

Short-term capital, which includes repurchase agreements, commercial papers and electronic short-term bonds, will be a new topic of review.

The government hopes to ease the credit crunch in the short-term capital market to rein in market jitters across the board.

The Tuesday meeting is known to put out approximately 27 trillion won worth of financial stabilization measures but the amount could go up depending on last minute coordination.

The measures can include stock market and bond market stabilization funds possibly at over ten trillion won each.