Why the golden era for overseas aid is over - for now | Larry Elliott
Why the golden era for overseas aid is over - for now | Larry Elliott Global development: Poverty matters blog | guardian.co.uk The financial climate is now a lot more hostile, and politicians in rich countries are finding it hard to justify spending more on poor people in poor countries when they are cutting spending on poor people at home It hardly comes as a massive shock that flows of aid were down last year. No western country has been left unscathed by the downturn of the past five years and that financial pressure is reflected in the development assistance figures released by the Paris-based Organisation for Economic Co-operation and Development (OECD) . Cuts to aid budgets in Spain and Greece - two countries where the belt-tightening has been severe - were of the order of 40%, but countries that have weathered the storm more easily were also less generous last year. Austria cut its aid budget by more than 14%, France by 5.6% and there was even a sm...