S. Korea to hold meeting on leading OECD donor countries’ peer review report

SEOUL, :South Korea will hold a meeting this week to assess the latest peer review report by the Organisation for Economic Co-operation and Development's select group of major donor countries, the foreign ministry said Tuesday.

The Wednesday meeting will bring together government officials and experts from civic society and academia to draw on a peer review report that the OECD's Development Assistance Committee (DAC) will issue on South Korea and other countries' performance on international development cooperation, according to the Ministry of Foreign Affairs.

This is the second peer review report on South Korea from the DAC, a group of OECD's 29 official development assistance (ODA) providers, since Seoul joined the committee in 2010.

The latest report reportedly recommends South Korea revamp the structure of its ODA programs, increase ODA spending and raise efficiency of assistance programs.

"South Korea has been advised to increase its ODA spending to match 0.3 percent of its gross national income (GNI) by 2030 and it has committed to do so," a foreign ministry official said.

According to the ministry, South Korea's ODA spending of US$2.29 billion amounted to 0.16 percent of its GNI as of 2017, up from 0.12 percent in 2010.

For this year, South Korea has earmarked $2.69 billion for ODA spending.

Source: Yonhap News Agency

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