South Korea’s Foreign Ministry Receives Significant Budget Increase for 2024

SEOUL: The South Korean Foreign Ministry’s budget for 2024 has been set at 4.19 trillion won (US$3.21 billion), marking a substantial 24.8 percent increase from the current year. The National Assembly approved this increased spending plan, which includes a notable 39.2 percent hike in the budget for official development assistance (ODA).

The ministry stated that the ODA budget will support various foreign policy initiatives, including those under the Indo-Pacific strategy. The budget for humanitarian assistance has more than doubled to 740.1 billion won, enabling better response to natural disasters, humanitarian crises, and the ongoing war in Ukraine. Next year’s aid budget for the African region will see a 28.5 percent increase, aligning with South Korea’s plan to host the South Korea-Africa summit in the first half of 2024. Additionally, the ministry will use part of the budget to establish a new research institute for economic security and technologies. The final budget, however, is slightly lower than the ministry’s initial request of 4.28 trillion won.