Renewed ODA commitments by the aid community -in line with the OECD’s call for an aid pledge-, greater regulatory independence in the governance of the international financial system, and higher quotas for emerging economies in regional development banks: these are some of the proposals that came to light at the OECD Global Forum on Development on the implications of the crisis for development finance. Poor people in poor countries are severely affected by the turmoil originating in rich ones. OECD countries must stimulate the world economy for the benefit of the poorest, and ultimately the benefit of all.
[...]
The OECD Development Centre has produced a series of 5 Policy Insights¸ each tackling a specific set of the crisis’ implications:
- The end of public support for development aid? by Robert Zimmerman [1]
- Implications for FDI to Developing Countries, by Andrew Mold
- Will Aid Budgets Fall Victim to the Credit Crisis? By Andrew Mold, Dilan Ölcer, and Annalisa Prizzon [2]
- External Debt Sustainability – Should More be Done for the Poor? by Annalisa Prizzon
- Emerging Markets under Stress, by Helmut Reisen
Some conclusions from two of the publications [1,2] are:
- Public support for development aid remains high despite the financial crisis [1]
-
Aggregate aid figures might not decline after all, but much of the new resources might bypass the poorer, most vulnerable countries. [2]
-
Bilateral donors should therefore maintain their commitments to low-income countries, and especially shelter country programmable aid from cutbacks. [2]
- The financial crisis should give a new impetus to governments’ efforts to improve aid effectiveness [2]
Source: OECD, 5 Dec 2008
