Negative impact of foreign aid in Africa

http://www.wsj.com/articles/SB123758895999200083

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Sources

Definitions

IMF= International Monetary Fund. Its main goal is to enable countries to exchange with each other by keeping the macroeconomic and global financial matters stable.

The World Bank=Provides technical and financial assistance or loans to developing countries.

ODA=Official Development Assistance, is a term used for aid measurement.

History of foreign aid in Africa

• Foreign aid started in the beginning of the 20th century, in the form of donations from colonial powers to colonies.
• In the 1960's the economic growth in African countries became less important. The focus shifted to reducing peoples misery.
• In the 1980's the countries in Africa got severe depths.

Negative impact of foreign aid in Africa

1. History of foreign aid in Africa

2. Are donating nations exploiting Africa?

3. Structural problems

4. Who is responsible for how the aid is used?

5. Conclusion

Are donating nations exploiting Africa?

• Foreign direct investors (FDI's) recive better deals than national investors.
• Foreign aid is often given in the form of loans, this gives the offering countries control over the receiving countries.
• Countries choose to invest in strategic land and resources.

Structural changes needs to be done

• The governments turn to the IMF and the World Bank when they need money.
• This makes the governments dependent on the IMF and the World Bank, not their citizens.
• The picture of Africa as a desperate continent needs to be changed.
• The institutional and policy framework needs to change for the aid to reach its targets.