Policy Update

South Korea announces US$1.4 billion in expanded global contributions toward fighting COVID-19

The South Korean Ministry of Economy and Finance (MOEF) unveiled its plan to expand South Korea's contribution to fight COVID-19 globally.

In addition to the commitment of US$100 million of humanitarian assistance announced by President Moon Jae-in at the World Health Assembly in May 2020, MOEF announced it will provide emergency support through the Economic Development Cooperation Fund of over US$400 million. It will also expand the multilateral development bank trust funds for health and medicine to US$10 million from the usual US$2 million.

South Korea will also invest US$980 million (KRW1.2 trillion) to create a global fund dedicated to healthcare goods and services. It will provide a package of disease control assistance to the priority countries selected.

Finally, the South Korean government announced that it will actively identify and implement health projects related to its 'New Southern' and 'New Northern' policies.

Press release – South Korean Ministry of Economy and Finance