Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/29/2013 | 08:31pm CET

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
11:32a PETROCHINA : CNPC Daqing Oilfield 2016 Gained CNY8bn Overseas Incomes
11:32a ZTE : Wins China Mobile Datacenter Switch Procurement
11:32a HABIB BANK : Equity Investment Agreement Inked for Pakistani Bourse
11:32a COSCO SHIPPING PORTS : to Buy CNY5.8bn Shares in Qingdao Port
11:32a Shanghai Electric Plans to Set up PV JV, Service Center
11:32a Railway Bureaus Ink Agreements with Coal, Power Producers
11:32a BIOSTIME INTERNATIONAL : Suggest Offering USD150mn Senior Note
11:32a CHINA MOLYBDENUM LUOYANG : Plans to Invest Tenke Fungurume Mine
11:32a CRRC : Tongfang to Set up Equity Investment Fund
11:32a CHINA SHENHUA ENERGY : 2016 Raised Coal Sales by 6.6%
Latest news
Advertisement
Hot News 
-5.17%ESSENTRA : sees full year operating profit near lower end of forecast
-7.78%LAMPRELL : Rig builder Lamprell sees lower revenue, tightens purse strings
-0.99%PHILIPS LIGHTING : misses on fourth quarter, sees growth in 2017
1.62%TELEGRAAF MEDIA GROEP : De Mol launches rival bid for De Telegraaf, Netherlands' largest paper
-0.48%CHINA MERCHANTS BANK : 2016 Net Profit Up 7.6%
Most Read News
03:43a NISSAN MOTOR : UK seeks interventionist approach to drive post-Brexit industrial revival
04:07a SAMSUNG ELECTRONICS : says batteries caused Note 7 fires, may delay new phone launch
01:31a CGG : Reduction of certain vessel charter cash costs and related issuance of $58.6 million of senior notes
12:16aDJNEWS HIGHLIGHTS : Top Energy News of the Day
01:10a MITSUBISHI HEAVY INDUSTRIES : MRJ's Latest Development Status
Most recommended articles
01/17DJS&P 500, Nasdaq Futures -- Technical Analysis
05:30aDJZINCOX RESOURCES : Strikes Joint Venture Deal with Korea Zinc
05:29aDJCHINA MERCHANTS BANK : 2016 Net Profit Up 7.6%
04:21a L'OREAL : Founders Factory to invest in five cosmetics start-up firms
04:16aDJNEWS HIGHLIGHTS : Top Energy News of the Day