Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

OECD - Organisation for Economic Co-operation and : Korea: a growing influence in the field of development co-operation

01/29/2013 | 02:31pm US/Eastern
Recommend:
0

29/01/2013 - An aid recipient less than two decades ago, Korea is now a donor and sharing its experience of how to use development co-operation as a catalyst to promote long-term sustainable growth in other countries.

Korea has trebled its official development assistance (ODA) to USD 1,325 million per year, or 0.12% of its gross national income over the past five years and is committed to further doubling it by 2015. The OECD's first ever Review of the Development Co-operation Policies and Programmes of Korea says that the government must manage this steep increase carefully to make its aid effective.

The Review commends Korea for the steps it has taken to improve its development co-operation since becoming a member of the Development Assistance Committee (DAC) in 2010. Building on this progress, the Review recommends that Korea's aid legislation and forward planning be more transparent, setting out aims, priorities and objectives as well as publishing spending figures in its 26 developing country partners and the sectors it supports.

Compared to other donors, Korea allocates a high proportion of its aid as loans rather than grants - about 40% of its total support to most countries and 18% to highly indebted poor countries. Based on its own experience, Korea believes that loans encourage fiscal discipline in the recipient countries. However, the Review recommends that when extending loans to the poorest countries and fragile states Korea should consider carefully the economic context and financial governance of these countries to ensure debt sustainability.

As staffing will become a major issue for Korea as it expands its aid programme, the government says it will increase the number of employees working on development. The Review recommends that Korea assesses the skills, training and resources needed to run the programme, streamlines procedures, works more with civil society organisations, and supports fewer - but larger - projects.

The Review also recommends strengthening the committees and mechanisms that ensure coherence amongst the ministries overseeing Korean aid, ensuring better co-ordination both at headquarters and with partner countries.

To further increase the effectiveness of its development efforts, says the Review, Korea should better evaluate the impact of its aid. It should also follow the example of other DAC members which, on average, have untied 88% of their aid to least developed countries compared to Korea's 27%.

The Peer Review of Korea took place over an eight month period, including visits to Seoul and Cambodia, culminating on 11 December 2012 with the DAC peer review meeting in Paris. Australia and Germany acted as peer examiners, with supporting analysis provided by the OECD Secretariat.

To receive a copy of TheReview of the Development Co-operation Policies and Programmes of Korea, journalists should e-mail news.contact@oecd.org

For more information about this or OECD's other national development peer reviews, please contact Michael Ward (Michael.Ward@oecd.org or by telephone + 331 45 24 76 47) in the OECD Development Co-operation directorate.

distributed by
Recommend :
0
React to this article
Latest news
Date Title
10m ago BANK OF AMERICA : In Light of Bank of America Decision to Close Branches in Hartford's North End, Murphy Calls on Bank to Reconsider
16m ago GLOBUS MARITIME : July 25, 2014 - Globus Maritime Announces Annual Meeting of Shareholders
35m ago BANK ALFALAH : Warid Telecom and Bank Alfalah launch 'Mobile Paisa'
37m ago FBR : First phase: Only 17,000 tax evaders file returns
37m ago FBR : Govt may bring over 17,000 evaders under tax net
37m ago HUAWEI TECHNOLOGY : The telecom race: Huawei signs tablet deal with Inovi Technologies
38m ago SHARIAH COMPLIANT : EFU insurance moves onto Takaful business
41m ago CESAR : Brazil goalkeeper Julio Cesar returns to Queens Park Rangers after loan to Toronto FC
47m ago FDA FOOD AND DRUG ADMINISTRATION : Carmel Food Group Announces a Voluntary Recall of One Code Date of Mislabeled Butternut Squash Ravioli Due to Undeclared Allergens
1h ago NETSOL TECHNOLOGIES : Gainey McKenna & Egleston Announces They Have Filed a Class Action Lawsuit Against NetSol Technologies, Inc. -- NTWK
Latest news
Advertisement
Hot News 
EUROPLASMA : Annual Shareholders Meeting of 1st September, 2014
CHINA COMMERCIAL CREDIT : Issues Update on Recovery of Loan Guarantee Payments
DOTDIGITAL : Non-Executive Chairman's Trust Sells Shares (DIRECTOR DEALINGS)
GRENKELEASING : Consolidated Group net profit rises 40% in the first half of 2014 and is at the upper end of our full-year expectations (DGAP News)
NEWPARK RESOURCES : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
Most Read News
4h ago HILLSHIRE BRANDS : Tyson Foods to shut three factories, cut 950 jobs
4h ago FORD MOTOR : FBI investigates Ford engineer after listening devices found
3h ago AMAZON : far-reaching ambitions, lack of profits, unnerve investors
5h ago PAR PETROLEUM : Announces Conference Call to Review Pending Acquisition and Rights Offering
2h ago U.S. sets anti-dumping duties on solar imports from China, Taiwan
Most recommended articles
2h agoDJSTARBUCKS : Metro Money : Understanding the Economics of Iced Coffee
2h ago APPLE : iPhones allow extraction of deep personal data, researcher finds
2h ago WALL ST. WEEK AHEAD : Even modest GDP bounce may support market
2h ago Potential Argentine debt default looms as July 30 approaches
2h ago U.S. sets anti-dumping duties on solar imports from China, Taiwan
Dynamic quotes  
ON
| OFF