Nick Shaxson has written a first rate price on the TJN blog. He refers to IMF thinking on aid, just published, that says:
We find little robust evidence of a positive (or negative) relationship between aid inflows into a country and its economic growth. We also find no evidence that aid works better in better policy or geographical environments, or that certain forms of aid work better than others. Our findings suggest that for aid to be effective in the future, the aid apparatus will have to be rethought.
Actually, we agree. It's why we talk about tax as the essential fourth leg in the development agenda. Read Nick's piece to learn more.
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Aid definatly needs re-thinking, and the IMF, world bank, WTO, Paris club G8 etc should not be part of development aid as they have achieved little or nothing over the last 60 years.