Since 1960 nearly $650 billion in aid (in 2004 prices) has been provided to sub-Saharan African (SSA) countries by the OECD Development Assistance Committee (DAC) countries. And this number would be even higher if contributions from emerging non-DAC donors, such as China, India, and some of the Gulf states, were added to the total. Has all this aid been gainfully used to promote sustainable growth and development? This is difficult to answer because the links between foreign aid and countries' development are complex. However, the likely answer is, on the whole, "No." Historically, most aid has not been used very well. Much of it was never intended for development to begin with, and a large share went to war-torn and politically unstable countries where development gains have subsequently been lost. However, there is good reason to believe that substantive changes are taking place and that "more and better aid" is now going to finance development programs.
See full Article.
Posts
