South Korea releases draft 2023 ODA budget totaling US$3.3 billion

The South Korean government released a draft 2023 budget plan that significantly expands the total amount of ODA from KRW3.9 trillion (US$2.9 billion) in 2022 to KRW4.5 trillion (US$3.3 billion) in 2023.

Since ODA and contributions to international organizations have significantly increased, the budget for South Korea’s Ministry of Foreign Affairs (MOFA) will increase by 10%. Contributions to international organizations rose about 64% from KRW168.6 billion (US$124 million) to KRW276.7 billion (US$230 million). The government will use humanitarian assistance to contribute US$100 million to the Access to COVID-19 Tools Accelerator (ACT-A) per year from 2023 - 2025, equivalent to an additional US$300 million to ACT-A over that time period.

News article – Yonhapnews (in Korean)