By Choi Kyong-ae
Korea, pressured by financial woes, is spending less on the poor in developing and underdeveloped countries than its more wealthy peers, government officials said Friday.
"The government's debt and spending have soared in the past year, following massive stimulus packages and a supplementary budget aimed at boosting anemic growth and conducting costly welfare policies," an official at the Ministry of Strategy and Finance said.
He acknowledged that there will be no sharp increase in the size of Korea's official development assistance (ODA) to underprivileged people in emerging and underdeveloped nations for some time. Korea's economy looks set to grow by less than 3 percent this year, down from 3.3 percent last year.
Korea's government debt-to-gross domestic product ratio is expected to post a record high of 40.1 percent next year, jumping from 31 percent in 2010 and 17.5 percent in 2000.
Under the government's second five-year overseas assistance program, which ends in 2020, Korea aims to continue to raise the ratio of ODA out of the gross national income (GNI) to 0.20 percent by 2020 from 0.13 percent last year, according to the finance ministry.
But the ratio set for 2020 was revised down from 0.25 percent targeted under the first five-year program announced in 2010, data from the ministry showed.
The downward trend does not only apply to Korea. Advanced countries _ which used to allot a sizable amount of money to help children, women and the elderly who lack food, education and proper health care _ are now cutting their budgets due to a prolonged economic slump.
The combined ODA of 28 OECD Development Assistance Committee member countries, including Japan, France, Spain and Canada, fell to 0.29 percent of their overall GNI last year from 0.31 percent in 2010, according to ministry data.
As external uncertainties such as an anticipated U.S. rate hike in December and China's slowdown remain woes for Asia's fourth-biggest economy, governments focused on reviving the economy may put such humanitarian aid on the back burner for now.
In October, the Bank of Korea cut its outlook for growth this year to 2.7 percent from its July forecast of 2.8 percent. The central bank's four rate cuts since August last year did not help boost spending as much as expected.
By Choi Kyong-ae
Korea, pressured by financial woes, is spending less on the poor in developing and underdeveloped countries than its more wealthy peers, government officials said Friday.
"The government's debt and spending have soared in the past year, following massive stimulus packages and a supplementary budget aimed at boosting anemic growth and conducting costly welfare policies," an official at the Ministry of Strategy and Finance said.
He acknowledged that there will be no sharp increase in the size of Korea's official development assistance (ODA) to underprivileged people in emerging and underdeveloped nations for some time. Korea's economy looks set to grow by less than 3 percent this year, down from 3.3 percent last year.
Korea's government debt-to-gross domestic product ratio is expected to post a record high of 40.1 percent next year, jumping from 31 percent in 2010 and 17.5 percent in 2000.
Under the government's second five-year overseas assistance program, which ends in 2020, Korea aims to continue to raise the ratio of ODA out of the gross national income (GNI) to 0.20 percent by 2020 from 0.13 percent last year, according to the finance ministry.
But the ratio set for 2020 was revised down from 0.25 percent targeted under the first five-year program announced in 2010, data from the ministry showed.
The downward trend does not only apply to Korea. Advanced countries _ which used to allot a sizable amount of money to help children, women and the elderly who lack food, education and proper health care _ are now cutting their budgets due to a prolonged economic slump.
The combined ODA of 28 OECD Development Assistance Committee member countries, including Japan, France, Spain and Canada, fell to 0.29 percent of their overall GNI last year from 0.31 percent in 2010, according to ministry data.
As external uncertainties such as an anticipated U.S. rate hike in December and China's slowdown remain woes for Asia's fourth-biggest economy, governments focused on reviving the economy may put such humanitarian aid on the back burner for now.
In October, the Bank of Korea cut its outlook for growth this year to 2.7 percent from its July forecast of 2.8 percent. The central bank's four rate cuts since August last year did not help boost spending as much as expected.
Korea, pressured by financial woes, is spending less on the poor in developing and underdeveloped countries than its more wealthy peers, government officials said Friday.
"The government's debt and spending have soared in the past year, following massive stimulus packages and a supplementary budget aimed at boosting anemic growth and conducting costly welfare policies," an official at the Ministry of Strategy and Finance said.
He acknowledged that there will be no sharp increase in the size of Korea's official development assistance (ODA) to underprivileged people in emerging and underdeveloped nations for some time. Korea's economy looks set to grow by less than 3 percent this year, down from 3.3 percent last year.
Korea's government debt-to-gross domestic product ratio is expected to post a record high of 40.1 percent next year, jumping from 31 percent in 2010 and 17.5 percent in 2000.
Under the government's second five-year overseas assistance program, which ends in 2020, Korea aims to continue to raise the ratio of ODA out of the gross national income (GNI) to 0.20 percent by 2020 from 0.13 percent last year, according to the finance ministry.
But the ratio set for 2020 was revised down from 0.25 percent targeted under the first five-year program announced in 2010, data from the ministry showed.
The downward trend does not only apply to Korea. Advanced countries _ which used to allot a sizable amount of money to help children, women and the elderly who lack food, education and proper health care _ are now cutting their budgets due to a prolonged economic slump.
The combined ODA of 28 OECD Development Assistance Committee member countries, including Japan, France, Spain and Canada, fell to 0.29 percent of their overall GNI last year from 0.31 percent in 2010, according to ministry data.
As external uncertainties such as an anticipated U.S. rate hike in December and China's slowdown remain woes for Asia's fourth-biggest economy, governments focused on reviving the economy may put such humanitarian aid on the back burner for now.
In October, the Bank of Korea cut its outlook for growth this year to 2.7 percent from its July forecast of 2.8 percent. The central bank's four rate cuts since August last year did not help boost spending as much as expected.
By Choi Kyong-ae
Korea, pressured by financial woes, is spending less on the poor in developing and underdeveloped countries than its more wealthy peers, government officials said Friday.
"The government's debt and spending have soared in the past year, following massive stimulus packages and a supplementary budget aimed at boosting anemic growth and conducting costly welfare policies," an official at the Ministry of Strategy and Finance said.
He acknowledged that there will be no sharp increase in the size of Korea's official development assistance (ODA) to underprivileged people in emerging and underdeveloped nations for some time. Korea's economy looks set to grow by less than 3 percent this year, down from 3.3 percent last year.
Korea's government debt-to-gross domestic product ratio is expected to post a record high of 40.1 percent next year, jumping from 31 percent in 2010 and 17.5 percent in 2000.
Under the government's second five-year overseas assistance program, which ends in 2020, Korea aims to continue to raise the ratio of ODA out of the gross national income (GNI) to 0.20 percent by 2020 from 0.13 percent last year, according to the finance ministry.
But the ratio set for 2020 was revised down from 0.25 percent targeted under the first five-year program announced in 2010, data from the ministry showed.
The downward trend does not only apply to Korea. Advanced countries _ which used to allot a sizable amount of money to help children, women and the elderly who lack food, education and proper health care _ are now cutting their budgets due to a prolonged economic slump.
The combined ODA of 28 OECD Development Assistance Committee member countries, including Japan, France, Spain and Canada, fell to 0.29 percent of their overall GNI last year from 0.31 percent in 2010, according to ministry data.
As external uncertainties such as an anticipated U.S. rate hike in December and China's slowdown remain woes for Asia's fourth-biggest economy, governments focused on reviving the economy may put such humanitarian aid on the back burner for now.
In October, the Bank of Korea cut its outlook for growth this year to 2.7 percent from its July forecast of 2.8 percent. The central bank's four rate cuts since August last year did not help boost spending as much as expected.
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