As the international community faces worsening polycrisis, including but not limited to climate change, pandemic and conflict, need for development cooperation of the Global South has also increased. However, a few donors have announced their plans to reduce official development assistance (ODA) budget due to domestic constraints. At the same time, major powers’ styles of foreign assistance in the Global South is also expected to change. For instance, the Trump administration implied overhaul of its development cooperation based on national interest while China promised a differentiated support with its Belt and Road Initiative and the Global Development Initiative. It is within this context that this session aims to diagnose in detail the changing context surrounding the Global South, re-examine the role of development cooperation in the changing era, and draw policy recommendation for donors, including the Republic of Korea, and their foreign aid.