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- This page: https://www.globalissues.org/article/593/official-global-foreign-aid-shortfall-5-trillion.
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This article serves as a side note to the main article: Foreign aid for development assistance. Please refer to this more in-depth section for additional details about assistance, its quality, what constitutes assistance, etc.
As detailed on the main Department of Foreign Aid:
- In 1970, the rich countries of Organization for Economic Cooperation and Development It agreed at the United Nations (Resolution 2626) to give 0.7% of its Gross National Product (now GNI) as aid to developing countries.
- known as areathis will be assistance for long-term development. Side noteIt does not include private donations and investments as they cannot always be predicted or used specifically for the long-term development of entire economies, although their contributions can also be significant.
- After 40 years, most of the 20 or so OECD countries have not reached, or come close to, that number.
Annually, the global foreign aid shortfall is high.
The remainder of this page provides a breakdown of those numbers.
on this page:
Exceeding the ODA shortfall since 1970
Frankly, the rich owed the poor a lot of the promised money, similar to the total amount of Third World debt at that time:
The shortage is likely to be higher as aid now includes non-aid items
The deficiency is likely higher, given that (as detailed in the base Department of Foreign Aid) In recent years official aid
- Items included that are not intended, and
- It does not always go to the poorest countries, but instead to those of strategic importance to the donor.
Percentage of current aid to the poorest areas
One could argue or expect that most of the aid will go to the poorest countries, mostly in Africa. However, this is not the case historically (although there are indications that public pressure and the 2015 Millennium Development Goals to halve poverty may encourage improvements in the quantity and quality of aid).
(Although OECD data goes back to 1960, it was in 1970 when countries agreed on the 0.7% figure. In the 1960s, aid was about 0.5% and it was believed that it could easily be increased in the coming years to 0.7 % in the mid-seventies.)