The new payment agreement comes weeks before Trump is set to meet for a second time with North Korean leader Kim Jong Un.
Last month, a senior South Korean ruling party legislator said negotiations were deadlocked after the United States made a "sudden, unacceptable" demand that Seoul pay more than 1.4 trillion won ($1.2bn) per year.
Yonhap said the U.S. had previously demanded 1.13 trillion won (US$1 billion) from South Korea.
South Korea signed a deal with the United States on Sunday, February 10, 2019, to raise its contribution to the upkeep of American troops here by 8.2 percent this year.
But South Korean officials yesterday told Yonhap news agency that the United States had affirmed it would not be changing its troop presence.
Scholars took exception with the notion that the deal is being received with applause in South Korea. But a foreign ministry official in Seoul said the deal could be extended if the two sides agree.
But both sides worked to hammer out a deal to minimise the impact of the lapse on South Korean workers on US military bases, and focus on nuclear talks ahead of a second US-North Korea summit, Seoul officials said.
Trump told CBS' Face the Nation last Sunday that he had no plans to withdraw troops from South Korea.
The state-run Radio Pyongyang also reportedly broadcast similar demands that the US move towards "credible steps and responds with corresponding practical action".
The two countries have been in a security alliance since the 1950-53 Korean war, which ended with an armistice rather than a peace treaty - with more than 28,000 USA troops stationed in the South to guard against threats from Pyongyang.
Malpass said he had a very good meeting with Hong with "the discussion about the World Bank and ways to have more growth in various developing countries".
Kim Jong-un and Trump first met last June in Singapore, where they signed a vaguely worded document in which Kim pledged to work toward the "denuclearization of the Korean peninsula".
The next round of annual joint military exercises, called Key Resolve/Foal Eagle, is due to be held in the spring, although officials have said they won't announce a date until after the Vietnam summit. Under Park, the city is expected to establish an inter-Korea cooperation fund of $35.5 million.
About 70 per cent of South Korea's contribution covers the salaries of some 8,700 South Korean employees who provide administrative, technical and other services to the USA military.
The agreement has yet to be ratified by South Korean lawmakers, which is a necessary step before the deal's terms go into effect, the BBC reported.
"We believe in our ability to organize such kinds of events after our success in hosting the Asia-Pacific Economic Cooperation (APEC) in 2017", said Foreign Ministry spokeswoman Le Thi Thu Hang.
Late previous year, the U.S. military had warned South Korean workers on its bases they might be put on leave from mid-April if no deal was agreed.