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Funding for African development drops as global aid hits record high

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Monday, 25 September 2017

Funding for African development drops as global aid hits record high

Africa is receiving a declining share of the global official development assistance, advocacy and campaign organisation ONE says. It called on the G20 to double official development finance by 2020, from approximately $60bn in 2015 to $120bn. Despite a 7.4% increase in global ODA in the last year, African countries’ share has fallen by 4% since 2012, according to a ONE report published on 11 September. Over half of the world’s poorest people live in Africa and the share of global aid going to the region dropped to 32% in 2016, compared to 36% in 2012. At the same time, Africa’s population has increased by 14%. ONE also called on donors to recommit to ODA targets and work towards spending 0.7% of their national income on development aid overseas, prioritising “the poorest and most vulnerable countries”. The report said the least developed countries’ share of ODA fell to 28% in 2016, from 32% four years ago. Africa’s population is expected to double by 2050 but failure to invest in the region’s young people will threaten the UN Sustainable Development Goals, according to the report. Gayle Smith, chief executive and president of ONE, said the failure to invest and capitalise on Africa’s demographic dividend would have a global impact, both in terms of instability and population displacement. “The engine that could power Africa’s development is not getting the fuel it needs. Donors need to fulfil their commitments to the world’s poorest, and all countries need to work together to increase private capital flows and domestic resources,” said Smith. Only six countries met the 0.7% target ­– Norway, Luxembourg, Sweden, Denmark, Germany and the UK. Despite meeting the target, Sweden and Denmark both cut their aid spending in 2016, along with Finland, the Netherlands, Australia, Canada and New Zealand, the ONE report said.

Source: www.publicfinanceinternational.org