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Another Look at Foreign Aid

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  • Gustav Ranis

    ()
    (Economic Growth Center, Yale University)

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    Abstract

    The discussion of the effectiveness of foreign aid has reached a high pitch. This paper assesses the sorry past and present key arguments for a potentially more effective and sustainable method of aid delivery. A key ingredient is to shake off the vestiges of structural adjustment and move towards true recipient country ownership complete with “self-conditionality” with aid recipients formulating their own reform packages. This means donors become much more passive, act like a bank and respond to proposals which concentrate on a few critical areas over a three to five-year period. Policy-based program lending should respond to packages put together by the main domestic stakeholders with the help, if necessary, of independent third parties. There should be no compulsion to lend; indeed, an aid hiatus is an indication that the new system is effective. What is required is for donors to stop using aid as a short-term foreign policy tool and for recipients to accept the notion that aid provides the opportunity to reduce the inevitable adjustment pains caused by real reforms.

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    File URL: http://www.econ.yale.edu/growth_pdf/cdp1015.pdf
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    Bibliographic Info

    Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 1015.

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    Length: 25 pages
    Date of creation: Aug 2012
    Date of revision:
    Handle: RePEc:egc:wpaper:1015

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    Related research

    Keywords: foreign aid; self-conditionality; program lending; new donors;

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    1. David B. Skarbek and Peter T. Leeson, 2009. "What Can Aid Do?," Cato Journal, Cato Journal, Cato Institute, vol. 29(3), pages 391-397, Fall.
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