The Strategist

South Korea will increase aid to developing countries by 40% in 2024

09/21/2023 - 11:10

Seoul plans to take into account the needs and features of recipient states, according to President Yoon Suk Yeol.

Republic of Korea
Republic of Korea
In 2024, the Republic of Korea will boost its provision of official aid to other nations by 40%, said Yoon Suk Yeol, the country’s President, while addressing the UN General Assembly during its 78th session.

"The Republic of Korea is firmly dedicated to growing its aid. The government has boosted its budget for official development assistance for the following year by 40%, despite budgetary austerity measures this year," the South Korean leader announced.

He stressed the significance of the education sector to enable advancement in the social and economic areas and stated that Seoul plans to take into account the characteristics and needs of recipient countries. According to some estimates, an extra year of schooling can improve income by 10%, especially for low-income populations.