The global recession and foreign aid

So, although Africa looks like it might be okay in the immediate future while the rest of the world collapses, there is a possibility that foreign aid will be affected; 'there is also a danger that foreign aid might decline. But that's based on two other events. One is that there's a major recession in the US and Europe, or in the donor countries. And second, whether the spending allocations that governments make will lead to cutbacks in foreign aid.' Shanta Devarajan, Chief Economist of the World Bank's Africa Region, BBC.

Yes, there is a major recession and it look like promises made by the G8 are not on track, according to the DATA report, 2007, (pdf link).

If there is a dramatic decrease in foreign aid in the near future, now is the time to seriously think about alternatives. As the saying goes, necessity is the mother of invention.

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Mar 09, 2009

baby_z said...

It is the time when we have to consider the value of saving. It is important to always predict things before it hits you. We all know that at any time we can be destructed by financial and economic problems, also, layoffs has been hitting records recently. Many working Americans will now have to consider proper budgeting. We all get used to spending our money with things we don't really need. Spending habits of consumers has been the reason why a specific country suffers from economic downturn. If you lose your job then you usually have no choice but to cut your spending back. For those who are fortunate enough to have survived cuts, they probably would do well to be squirreling away a little more towards savings or retirement. That isn’t to say that you should cut all of it out completely, but a little spending here and there will go a long way.

Design in Africa

The global recession and foreign aid

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