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Wednesday, 10 June 2015

Finnish development aid cut by 40%

The new Finnish government has announced a cut of €300 million, or more than 40%, to the annual development aid budget. The new government’s programme includes a cut in spending on development projects, bringing the annual budget down from €800 million to €500 million.  A new report for parliament’s foreign affairs committee has shed light on the successes—and failures—of Finnish development aid spending. The author of the report, development economist Ritva Reinikka explained that the economic growth has drastically changed the situation in many developing countries: in 2001 some 65 countries were judged to be on the lowest income level, compared to 34 today. While growth rates have been around five percent for two decades, Reinikka adds that other metrics are better to measure the impact of development spending. The report demonstrates that supporting a few so-called ‘failed states’ –such as South Sudan and Somalia - has been recognized to be expensive and therefore ineffective. Yet, long-term co-operation has produced the best results, especially with partners such as Ethiopia, Kenya, Mozambique, Tanzania and  Zambia.

Source: yle.fi