Prime Minister Sye-kyun Chung of South Korea announced the mid-term strategy for 2021-2025 on official development assistance (ODA) at the Committee for International Development Cooperation (CIDC) meeting.
The strategy is framed to achieve four strategic goals of practicing prosperous and inclusive international development cooperation based on partnership, and it has twelve priority goals including strengthening global health risk response, increasing humanitarian assistance, promoting South Korea's Green New Deal, diversifying development finance, and strengthening partnership with the civil society. The strategy also states that ODA will be closely aligned with South Korea’s foreign strategy including the New Southern and the New Northern Policies.
Budget-wise, South Korea’s ODA budget for 2021 increased by 8.3% from 2020, resulting in a total of KRW3.71 trillion (US$3.2 billion). South Korea will double the ODA budget between 2019 and 2030. It will also continue to increase assistance for global health, especially until 2022 in light of COVID-19. The share of grants and loans will be around 60% and 40%, respectively. South Korea will also aim to raise the share of untied grants to 95% and loans to 60% by 2025.
The country's list of priority partner countries was also updated, with a total of 27 countries for 2021-2025. South Korea will allocate 70% of the total ODA to these 27 countries, with twelve from Asia, seven from Africa, four from Central Asia, and four from Latin America. It will also allocate more ODA to low- and lower-middle-income countries that are more in need of assistance.