Foreign aid: first decline in years, though still close to highest levels ever, but still way below promised amounts

The OECD (Organisation for Economic Co-operation and Development) recently published new preliminary figures for aid in 2011. It showed official development assistance (ODA) aid from wealthy governments had increased to $133.5 billion in 2011 (at constant 2010 prices). This is roughly 0.31% of GNI (Gross National Income) of the donor nations. But this was also a drop of nearly 3% from the previous year. It was to be expected that the effects of the financial crisis would eventually affect aid. In some respects, the decline is not as bad as it could have been given the conditions in many donor countries. Yet, over 40 years ago nations promised to reach 0.7% of their GNI by the mid-1970s. While each year the amount of aid falls quite short of that 0.7% target (less than half of that target), the quality and effectiveness of that aid is often questionable, sometimes benefiting the donor more than the recipient due to the types of conditions attached to this aid. This update includes a number of new and updated charts and graphs. Read full article: Foreign Aid for Development Assistance