As a consequence of the Covid-19 pandemic, there has been a momentary adjustment in the bilateral development grant management funded by the South Korean government for Indonesia including a priority shift of the sector, restrictions on project implementation, and project schedule adjustment. This study analyzes the risk context and level during the Covid-19 pandemic and finds alternatives to deal with high-level risk indicators from the perspective of project owners, project implementers, and project users. This research method is quantitative concerning the risk management framework of AS/NZS 4360:2004 by applying the Analytical Hierarchy Process method and severity index scale. The research respondents were 46 people consisting of managers in project owner organizations, teams of project implementing organizations, and representatives of project user organizations. The result shows that the high priority of risk indicators implies each technical, operational, strategic, and security and safety criteria, and 5 high levels of risks have been discovered consisting of budget availability, project punctuality, stakeholder commitment, government handling policies related to Covid-19, and the spread of the Covid-19 virus and its variants. Those high-level risk indicators are further analyzed to identify alternatives to control the risk.