RECENT ISSUES ON FOREIGN AID (original) (raw)

ABSTRACT I posited in this paper that debt instruments should be used to provide aid. The capital market remains a veritable source for economic development. Other financial instruments like loans and equity were preferred over grants. This paper also diagnosed bilateral and multilateral aid systems. It was observed that both systems are good depending on the nature of aid. The text established a case against the extension of aids to wealthy nations. Through extensive research, poor governance, bribery and corruption were x-rayed among aid recipients; hence, the doctrine of transparency, openness, accountability, equity and prudence were suggested. Development would be impossible if poor countries refuse to play their own part; thus, reasons to examine these roles thoroughly. The world is a global village. Hoarding of information must be discouraged. Countries’ open data and technological transformation would to a large extent boost aid administration.