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What is Foreign Aid - Brief

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  • "Foreign Aid IntroductionForeign aid is the assistance of development resources given by richer countriesand multinational financial corporations like the World Bank and the InternationalMonetary Fund (IMF) to poorer or developing countries mostly fo..

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  • "Foreign Aid IntroductionForeign aid is the assistance of development resources given by richer countriesand multinational financial corporations like the World Bank and the InternationalMonetary Fund (IMF) to poorer or developing countries mostly found in Africa, Asiaand the Middle East. The kind of development resources given to these countriesinclude; financial assistance, export facilitation, technological transfer and humanresource training and capacity development. Foreign aid is primarily committed toaddressing major global crises that include; political instability, insecurity, poverty,human rights violation as well as financial crises (OECD, 2011). Financial assistancewhich is the largest share of foreign aid encompasses grants, debt rescheduling andsubsidized loans, other official OECD grants, net grants by private and voluntary fundsand the private capital flow. The largest donor agency is the Organization forEconomic Co-operation and Development (OECD) that encompasses thirty fivedeveloped countries. For the past decades, it has been noted that funds that flow to the developing andthe least developing countries are not used in accordance to the expectation and thetargets of the donor agencies. OECD in particular has send billions of dollars in thelast three decades but instead of the funds been channeled to the targeted projects therecipient nations divert them to their national priorities, a reality that Van de Sijpe(2013) refers to as ‘fungibility’ problem. In addressing the fungibility issue, it is imperative that donor agencies includingOECD commit to adopting a number of policies that include; supporting the recipientcountries develop high quality domestic institutions that would align foreign aid withthe donor target with well established monitoring and tracking tools, establishing andstrengthening subsidiary offices in the recipient counties to continuously monitorfunded projects on the ground as well as committing to establish conditions for foreignaid access by the recipient countries that contain punitive measures upon contravention. "

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