South Korea will become the ninth-largest contributor to the United Nations’ regular and peacekeeping budgets starting next year, the foreign ministry said Tuesday.
The U.N. General Assembly on Friday approved the budget obligations for 193 member states, setting South Korea’s share at 2.57 percent of the total funding for the 2022-24 period.
The ratio was up from 2.27 percent for the 2019-21 period, moving the country’s rank up two notches from the current 11th place.
The ministry said South Korea’s assessed contribution was set at a higher level in the upcoming three-year period in line with its economic growth in the previous years.
Assessments of the budget obligations for U.N. member states are based on a complex formula that factors in gross national income and population.
The United States and China will remain the world body’s top two financial contributors in the next three years.
Source: Yonhap News Agency