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How S. Korea became 'key donor' of foreign assistance after being 'major recipient' Updated: 2021-11-26 07:44:52 KST

Eleven years have passed since South Korea made an historic transition among OECD members.
Once a country that received foreign assistance in the 1950s South Korea's shifted to one of the world's key donors in the span of just a few decades.
Bae Eun-ji reports.
On November 25th, 2009 South Korea joined the OECD's group of major aid donors called the Development Assistance Committee, or DAC as its 24th member.
Currently consisting of 30 members, DAC is a group of nations that donates either more than a hundred million dollars or more than 0.2-percent of its gross national income per year.
South Korea is the only country among the DAC member states to turn from one of the poorest in the world to a major donor.
When the Korean War ended in an armistice in 1953, the country was one of the poorest in the world with gross national income per capita at just 67 U.S. dollars.
Then in 1995, owing to South Korea's persistent and stable economic growth the country officially graduated from the World Bank's list of countries receiving official development assistance.
A year after that in 1996, the country became a member of the OECD.
In the year 2000, the OECD DAC also removed South Korea from its official development assistance recipient list an official end to Korea's history of receiving foreign aid.
Then 9 years later, the country actually joined the OECD DAC.

"South Korea kept on expanding the amount of its assistance after it became an OECD member. As of next year's budget plan, the country plans to set aside more than four trillion Korean won, or 3.3 billion U.S. dollars, to provide aid to other countries. This amount is expected to rank about 17th in the world."

According to a report by the foreign ministry, the nation is rapidly increasing the level of its ODA.
The country donated 2.4-2 billion dollars last year 42 times more than the amount in 1991, when it gave away 57-million dollars.
By 2030, the government plans to double the amount compared to 2019.
South Korea is currently providing assistance to 89 countries and 60 global bodies around the world.
Bae Eun-ji, Arirang News.
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