South Korea aims to gradually increase the amount of funds set aside for its official development assistance program to better meet its obligations to help developing economies, the government said Tuesday.

The Committee for International Development Cooperation under the prime minister's office said the size of Seoul's ODA fund will be equal to 0.2 percent of its gross national income in 2020, up from around 0.13 in 2013.

"The 2020 goal takes into account the country's overall fiscal conditions and the need to help developing economies," it said.

The number for last year is below the average of the Organization for Economic Cooperation and Development's Development Assistance Committee (DAC) members, which set aside funds equal to 0.29 percent of their GNI. It also fell short of the government's own target of 0.25 percent.

South Korea increased its ODA commitment from 1.4 trillion won ($1.2 billion) in 2010 to 2 trillion won in 2014. The increase is equal to an annual gain of 12 percent, which is the fastest pace of growth reported among the 29 DAC members.

The prime minister's office said that reaching the 2020 target will make it easier for South Korea to be on par with the 0.3 percent average that DAC members should reach in 2030. (Yonhap)