S. Korea to contribute 300 bln won to international organizations

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SEOUL, Nov. 10 –  South Korea will contribute more than 300 billion won (US$274.3 million) to international organizations next year, nearly unchanged from a year earlier, the finance ministry said Monday.

According to the Ministry of Finance and Strategy, the Seoul government has earmarked 305.9 billion won for international contributions, up slightly from 300.4 billion won for this year and 304.6 billion won last year.

The exact amount of the contribution is subject to change depending on foreign exchange rates, the ministry added.

South Korea will donate 38 billion won to the International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group, with its share likely rising to 1.63 percent in 2016 from 1.39 percent in 2014.

The International Development Association (IDA), another World Bank Group subsidiary, will be given 142.7 billion won to support the development of low-income countries, the ministry said.

It will also bankroll projects of the African Development Bank and the Asian Development Bank, and raise the country’s voting power in the international agencies, the ministry said.

The South Korean government has submitted a 376 trillion won budget for fiscal 2015, up 5.7 percent from 2014’s 356 trillion won.