Bigger Role for IDA
South Korean Deputy Prime Minister and Minister of Strategy & Finance Yoo Il-ho visited Washington D.C. on October 6 in order to attend the annual general meetings of the International Monetary Fund (IMF) and the World Bank.
There, he met with World Bank president Jim Yong Kim and signed an agreement for the South Korean government to provide the World Bank with a total of US$90 million in the form of a trust fund between late this year and the end of 2018. The purpose of the cooperation fund is to assist in the development of less developed countries and share South Korea’s knowledge and experience with them.
During their meeting, the World Bank president asked the South Korean government to assume a bigger role in financing for the International Development Association (IDA). The IDA is an arm of the World Bank Group that provides zero- and low-interest long-term loans for least developed countries. Its financing is conducted every three years. “The South Korean government will make an active contribution via the 18th IDA meeting for the purpose scheduled to be wrapped up this year,” the Deputy Prime Minister said in response.