South Korea Increases Aid to Ukraine to $394 Million in 2024

South Korea announced today, Tuesday, that it will provide financial aid amounting to 520 billion won ($394 million) to Ukraine next year, an eightfold increase from this year. According to South Korea's 2024 budget, the aid package includes 130 billion won for reconstruction, 260 billion won in humanitarian assistance, and another 130 billion won through international organizations. President Yoon Suk-yeol stated in July that the country would provide "a significant amount of military supplies" this year but did not provide further details. Yoon also announced on Tuesday an increase in the official development assistance South Korea provides to strategic regions, including the Asia-Pacific and Africa, from 1.4 trillion won to 2 trillion won ($1.51 billion). The Ministry of Economy and Finance stated in the budget announcement that the increase in foreign aid is part of efforts to help South Korean companies expand abroad and secure national interests, such as supply chains, while taking responsibility as a key member of the international community.