The Government is set to hike foreign aid by $US500 million ($NZ714 million) over the next four years, as part of its "Pacific reset" strategy. The funding boost represents a 30 percent increase in overseas development funding.
Mr Peters said it was time to reverse the decline in the country's aid support for multilateral and humanitarian agencies over the past decade, which had been sitting well below international averages.
He said the new funding would lift New Zealand's Overseas Development Assistance to 0.28% of gross national income over the next four years.