Raising Global Stature

Korea is expected to provide 8.4 trillion won for the IMF, to raise its share to 1.8 percent of the IMF quota next year.
Korea is expected to provide 8.4 trillion won for the IMF, to raise its share to 1.8 percent of the IMF quota next year.

 

Korea will likely provide up to 8.8 trillion won (US$8.3 billion) worth of funds to key international financial bodies next year as part of efforts to raise its position in the global community.

According to financial ministry officials on November 10, Korea’s finance ministry briefed the National Assembly about a plan to fund an extra 8.48 trillion won (US$7.95 billion) in 2014 in international financial organizations, on top of the 273 billion won (US$256 million) fixed for next year. 

The overseas financial bodies include the World Bank (WB), the International Monetary Fund (IMF), and two organizations under the WB, ie, the International Development Association (IDA) and the International Finance Corp (IFC).

With the National Assembly’s approval, Seoul is expected to provide the 8.4 trillion won for the IMF, with an additional 38.2 billion won (US$35.8 million) for the World Bank, along with a plan to provide a 13.2 billion won (US$12.3 million) fund for the IDA and a 6.45 billion won (US$6.04 million) fund for the IFC. The IDA and IFC have been set up to support underdeveloped nations. 

Seoul will also offer funds to global financial bodies focusing on the Asian and African regions, providing the Asian Development Bank with 36.5 billion won (US$34.2 million) and the African Development Bank with some 4.3 billion won (US$4.03 million) each.

The funding will raise Korea’s share in the IMF quota to 1.8 percent from the current 1.4 percent, and that of the World Bank to 1.63 percent from 1.0 percent as of 2010.

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