South Korea Ramps Up Ukraine Assistance to $394 Million for 2024

On Tuesday, South Korea revealed its intention to offer a financial aid package of 520 billion won ($394 million) to Ukraine in the upcoming year, marking an eightfold surge from the current year.

Contained within this aid package is 130 billion won allocated for reconstruction purposes, 260 billion won designated for humanitarian aid, and an additional 130 billion won channeled through international organizations. These provisions are detailed in South Korea’s 2024 budget.

Back in July, President Yoon Suk Yeol had announced the commitment of his nation to furnish a “significant quantity of military supplies” during the ongoing year, though specific particulars were not provided.

Yoon also used Tuesday’s occasion to declare a raise in South Korea’s Official Development Assistance for strategic regions, including both the Asia-Pacific zone and Africa. This financial commitment is set to increase from 1.4 trillion won to 2 trillion won ($1.51 billion).

The escalation in foreign aid is a segment of the endeavor to assist South Korean enterprises in expanding their operations internationally, ensuring the stability of national supply chains, and fulfilling the role of a significant participant in the global community. These intentions were highlighted in the budget announcement from the Ministry of Economy and Finance.