50 Years of Broken Promises: The $5.7 Trillion Debt Owed to the Poorest people

Author(s)
Seery, E.
Publication language
English
Pages
17pp
Date published
23 Oct 2020
Type
Research, reports and studies
Keywords
Development & humanitarian aid, Funding and donors, humanitarian action, Humanitarian Principles, Poverty, Social protection, Reduced Inequality (SDG)
Organisations
Oxfam
Link
https://oxfamilibrary.openrepository.com/handle/10546/621080

This year marks an historic chapter in the story of international aid. On 24 October 2020, it will be 50 years since high-income countries committed to spending 0.7% of their gross national income (GNI) on aid to low- and middle-income countries. 

This paper examines how aid has helped to improve the wellbeing of people in low- and middle-income countries. It discusses how donors’ broken promises on the 0.7% target have limited the potential of aid to reduce poverty and inequality. Oxfam has calculated that in the 50 years since the 0.7% promise was made, high-income countries have failed to deliver a total of $5.7 trillion in aid. Finally, this paper reflects on the future of aid.

Authors: 
Seery, E.