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Korea allocates 6.5 trillion won to development assistance in 2025

Published: 20 Feb. 2025, 18:10

Acting President Choi Sang-mok speaks during an economic meeting of senior government officials at the government complex in central Seoul on Feb. 11. [YONHAP]

Korea has set aside 6.5 trillion won ($4.5 billion) for official development assistance (ODA) this year, despite fiscal difficulties, as global uncertainty continues to rise, acting President Choi Sang-mok said Thursday.

Choi made the remarks during a meeting of the government committee on ODA, citing growing global crises, including conflicts, natural disasters and climate change. ODA refers to government aid aimed at supporting the economic growth of developing nations.

“As global crises intensify, major donor countries are strategically utilizing ODA in alignment with their foreign policies,” Choi said.

To reflect such trends, the government has increased this year's ODA budget to 6.5 trillion won, reaching its funding target five years ahead of schedule, he added.

Choi also noted that a peer review by the Development Assistance Committee of the Organisation for Economic Cooperation and Development (OECD) highly praised Korea's commitment to fulfilling its international responsibilities by increasing ODA contributions.

Choi underscored that this year is a critical period as the government prepares a new basic plan that will define the country's ODA vision for the next five years.

“Government agencies, along with experts and civil society, will collaborate to enhance the value and effectiveness of our ODA initiatives,” he said.