South Korea joins the DAC

Dec 2nd, 2009 5:35 PM UTC
By Pooja Gupta

South Korea is often praised for making the successful transition from aid recipient to donor country. Last Wednesday, South Korea solidified their role as an international donor by gaining membership in the Development Assistance Committee (DAC) of the Organization for Economic Cooperation and Development (OECD).

The DAC, which includes 23 member countries in addition to South Korea, acts as a unique global forum in which donor governments and multilateral organizations, such as the World Bank and the United Nations help countries reduce poverty and achieve the Millennium Development Goals. South Korea’s acceptance into the DAC is the first new membership since Greece’s membership in 1999.

According to Oh Joon, Deputy Minister for Multilateral and Global Affairs, South Korea’s membership in the DAC, effective January 1, 2010, will also serve an example for successful development. For almost fifty years, South Korea was heavily dependent on international aid; now, the country has not only seen drastic economic growth, but has become a significant donor as well. Joon noted that South Korea intends to keep increasing their international aid: “We offered aid worth $800 million last year, about 0.09 percent of gross national income, and this year’s amount is estimated to reach $900 million.’’ The government plans to increase its aid from 0.09 to 0.25% of GDP by 2015, he said.

The Committee Chair of the DAC, Eckhard Deutscher lauded South Korea’s impressive progress, noting: “We have had many opportunities to observe Korea’s great progress, as a nation, as an economy and as a provider of aid to the world’s poorest countries. Korea’s joining us today has paved the way for a more open and inclusive Development Assistance Committee.”

TAGS: DAC, Policy News