Paying the Price
December 6, 2004 1:35 AM Subscribe
The British aid agency OXFAM
has released new figures on foreign aid.
In 2003, the average aid budget
of wealthy countries was just 0.25% of national income. According to the OECD this is actually a modest increase.
Only 5 countries: Denmark, Luxembourg, the Netherlands, Norway, and Sweden meet or exceed the 0.7% target
agreed at the 1992 Rio Earth Summit. Among wealthy nations, the US is meanest in terms of percentage. At 0.14%, or £8 billion a year, the US foreign aid budget is less than one tenth of what was spent on the invasion of Iraq
. The aid budgets of rich nations are half what they were in 1960, Oxfam said, while poor countries are having to pay $100 million a day in debt repayments.
Does foreign aid help?
Or is it just throwing good money after bad
posted by three blind mice (30 comments total)