Emerging donor countries need to do more to help developing economies in line with an agreement reached at the latest G-20 summit, a senior government official said Tuesday.
The Seoul Development Consensus reached in Seoul on Nov. 12 calls for promoting sustainable and meaningful growth that can assist poverty
reduction, create more jobs and make better use of the private sector to sustain the economy.
"Due to weak fiscal conditions of advanced countries, it is up to emerging donors such as South Korea to play a greater role in narrowing
development gaps between economies and reduce poverty around the world," Vice Finance Minister Yim Jong-yong said
Speaking at a global aid architecture workshop, he stressed that in order to push forward changes, donors, recipients and multilateral development banks must all become accountable actors committed to carrying out effective development projects.
Yim also said "bankable projects" that can ensure growth of recipient countries must be followed instead of donors just offering monetary support.
He added all parties need to work together for a constructive outcome, based on experience sharing, evaluation and feedback.
"Future projects must be helpful in improving growth potential of recipient countries such as building social and financial safety nets,
creating jobs and enhancing trade capacity," the official said.
South Korea will do its part to offer aid and share its own growth experiences in support of development endeavors around the world, he said.
Now a member of the Organization for Economic Cooperation and Development's Development Assistance Committee, South Korea is the only
country in the world that has transformed itself from an aid recipient to a donor country.