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What is ODA?
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Definition
Grants of Loans to developing countries which are: (a) undertaken by the official sector; (b) with promotion of economic development and welfare as the main objective; (c) at concessional financial terms.
The OECD-DAC requires the following conditions for ODA.
1) Donors
Official agencies including state and local governments or their executives agencies.2) The Purpose of Assistance
Promotion of the economic development and welfare of the developing countries.3) Grant Elements
To be concessional in character and convey a grant element of at least 25 percent. .4) Recipient Countries
Countries and territories on Part Ⅰof the DAC List of Aid Recipients.OECD-DAC
The OECD Development Assistance Committee (DAC) is a unique international forum where donor governments and multilateral organisations, such as the World Bank and the United Nations, come together to help developing countries reduce poverty and achieve the Millennium Development Goals(MDGs). Founded in 1960 as the Development Assistance Group, the DAC became part of the OECD by Ministerial Resolution on 23 July 1961.
The DAC has the mandate to:
"... consult on the methods for making national resources available for assisting countries and areas in the process of economic development and for expanding and improving the flow of long-term funds and other development assistance to them."
ㆍCore Activities
- The annual DAC High Level Meeting (April/May) and the Senior Level Meeting (November/December) bring together aid ministers and agency heads and their most senior advisers to agree on strategic policy directions, review performance and effectiveness and discuss current problems that require coherent collective action.
- The DAC working parties and networks are communities of policy makers and experts from aid ministries and agencies who work in major thematic areas across the development co-operation agenda.Korea is presently a non-DAC member of the OECD. However, it aims to join the DAC by 2010 to better coordinate with other donor countries in achieving the goal of poverty eradication.
