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Advantages And Disadvantages Of Foreign Aid

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Official development assistance is defined as government aid designed to promote the economic development and welfare of developing countries.it is a financial aid given by governments and other agencies to support the economic, environmental, social, and political development of developing countries. It is distinguished from humanitarian aid by focusing on alleviating poverty in the long term, rather than a short term. And foreign aid is the international transfer of capital, goods, or services from a country or international organization for the benefit of the recipient country or its population. Aid can be economic, military, or emergency humanitarian, for an example aid given following natural disasters.
Foreign aid can involve a transfer …show more content…

Compared with former structural adjustment loans, these loans support the implementation of national strategies or of poverty reduction strategies over longer time spans. Loan agreements are signed and funds are provided based on confirmation that reform items have been achieved by the partner country's government. In recent years, the most common type of these loans is one in which proceeds are incorporated into the target partner country budget. In confirming achievement, consultation proceeds with future reform items in support of reforms based on a long-term framework. There are many instances in which these types of loans take the form of co-financing with the World Bank and other multilateral development banks
2. Commodity loans In order to stabilize their economy, commodity loans provide settlement funds for urgent and essential imports of materials to developing countries that are experiencing a worsening foreign currency situation and facing economic difficulties. These loans are often used to import commodities such as industrial machinery and raw materials, fertilizer and pesticide, agricultural and other kinds of machinery, which are agreed upon beforehand between the Japanese and recipient governments.
3. Sector program …show more content…

Foreign aid is also used to address transnational problems such as the production and export of illegal drugs and the battle against HIV/AIDS. 1988 make foreign aid and access to U.S. markets conditional upon recipient countries’ actively combatting drug production and trafficking.
Why foreign aid and ODA fail to overcome poverty and the impacts on recipients
Foreign aid and development assistance are often regarded as being too much, or wasted on corrupt recipient governments despite any good intentions from donor countries. In reality, both the quantity and quality of aid have been poor and donor nations have not been held to account. There are numerous forms of aid, from humanitarian emergency assistance, to food aid, military assistance and many more. Development aid has long been recognized as crucial to help poor developing nations grow out of poverty.
In 1970, the world’s rich countries agreed to give 0.7% of their GNI (Gross National Income) as official international development aid, each and every year. Since that time, regardless of billions given each year, rich nations have rarely met their actual promised targets. For example, the US is often the largest donor in dollar terms, but ranks amongst the lowest in terms of meeting the stated 0.7%

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