Seoul, Dec 28 (IANS): South Korea will become the ninth-largest contributor to the UN's regular and peacekeeping budgets starting next year, the Foreign Ministry said on Tuesday.

The UN General Assembly on December 24 approved the budget obligations for 193 member states, setting South Korea's share at 2.57 per cent of the total funding for the 2022-24 period, reports Yonhap News Agency.

The ratio was up from 2.27 per cent for the 2019-21 period, moving the country's rank up two notches from the current 11th place.

The Ministry said South Korea's assessed contribution was set at a higher level in the upcoming three-year period in line with its economic growth in the previous years.

Assessments of the budget obligations for UN member states are based on a complex formula that factors in gross national income and population.

The US and China will remain the world body's top two financial contributors in the next three years.