SEOUL: Starting 2022, South Korea will be the ninth-largest contributor to the UN's regular and peacekeeping budgets, according to the Foreign Ministry.

According to sources from Korea, the UN General Assembly adopted the budget commitments for 193 member nations on December 24, setting South Korea's portion at 2.57 percent of overall funding for the year 2022-24. The ratio increased from 2.27 percent for the 2019-21 period, boosting the country's ranking from 10 th to 11th.

According to the Ministry, South Korea's assessed contribution for the next three years has been increased to reflect the country's economic progress in recent years.

Budget responsibilities for UN member states are calculated using a complicated formula that takes into account gross national income and population. In the next three years, the United States and China will continue to be the world body's top two financial donors.

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