Mr. Chairman, Mr. President
Distinguished Governors!

First, let me congratulate you on being elected as chairman. I am sure that with your outstanding leadership, the meeting will make successful results.

It is an honor and a privilege for me to deliver a speech at this Governing Council on behalf of the Republic of Korea. Taking this opportunity, I wish to express my appreciation to the staff of the IFAD Secretariat for the effort to put this wonderful meeting together. My appreciation also goes to the people of Italy for their warm welcome to my delegation.
           
The Korean government, under the keen recognition on its importance achieved successful rural development through ‘New Community Movement' so called “Saemaul Movement” in the 1970's. It became a basic foundation for Korea's remarkable economic growth.

While pursuing rural development, the Korean government joined IFAD in 1978 when it was initially established as agreeing to the goals pursued by IFAD of elimination of hunger and poverty as well as increase of rural productivity and income. Since then, Korea has been making effort to contribute to accomplishing IFAD's goals through active participation as a member of the Executive Board.

Including Tsunami in East Asia at the end of 2004 and the huge earthquake struck northern Pakistan in 2005, enormous scale of natural disasters have brought about serious human, economic and physical damage on many countries. Moreover, spread of infectious diseases such as AIDS and Avian Influenza and poverty and hunger caused by racial and regional conflicts are requiring helping hands from international society.

In response, the Korean government provided financial aid of US $78 million directly to the damaged countries last year. Private as well as non-governmental organizations also participated in the international effort to help them by sending rescue workers monetary contribution.

 

Global interests in poverty and hunger reduction are growing since 2000 when the United Nations declared Millennium Development Goals (MDGs). In consequence, international community's expectations on IFAD are also increasing.

Hereupon, the Korean government has decided to take the share in the 7th Replenishment and will contribute US$ 3 million increasing by 20% from the 6th Replenishment contribution.

Mr. Chairman!

IFAD has been together with the poor in developing countries to eliminate hunger and poverty and increase rural productivity and income. In particular, IFAD is different from other international organizations in a sense that it is not only aiming at reducing poverty in rural area but also being specialized in it.

The Korean government believes that such IFAD's endeavor in rural poverty reduction and protection of the vulnerable has been reaping considerable results. Meanwhile, we think that IFAD needs to improve its operation in a way to maximize the effect of support and aid to meet the world's expectation.

It is expected that the amount of fund raised at the 7th meeting will reach US $800 million increasing by 42% from the previous meeting. It will provide a good financial ground of IFAD work. But, we should avoid unnecessary budget increase and reckless management of project following budget expansion.

To this end, IFAD needs to seek ways to guarantee the sustainable effect from project implementation and to come up with measures to develop effective administration and project systems such as monitoring and evaluation system, strategic programs for restructuring and performance based allocation system through continuous research and implementation.

Mr. Chairman!
Mr.  President
Distinguished Governors!

The global assistance extended to Tsunami victims in South Asia was clear evidence to the possibility of combining efforts of countries around the world in eliminating poverty and hunger.

It is our hope that IFAD will produce tangible results in poverty and hunger reduction by fulfilling its critical roles. The Republic of Korea, having experiences to overcome successfully poverty, is committed to actively participating in the international effort to reduce poverty and hunger as a responsible member of the international community.

Thank you very much for your attention.