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The policy debate around whether foreign aid—now $138.5 billion a year—works has been polarized between the “Oh yes it does” camp and those who respond “Oh no it doesn’t.” (Christmas pantomime anyone?)
There is no denying that interest in Social Impact Bonds (SIBs) is steadily growing: with investments coming from big banks like Goldman Sachs and Bank of America Merrill Lynch and approximately 26 SIBs implemented in industrialized countries across the globe (see below for a more detailed listing), an evidence base is starting to accumulate on what works and what doesn’t.
In recent years, donors have been making greater use of performance-based payment approaches to fund development programs. The UK Department for International Development, using the broader term being used across the UK government, has added “Payment by Results” (PbR) to the development lexicon.
For the first time in its seven-decade-long history, World Bank staff staged a work stoppage earlier this month. Staff are unhappy about the “Change Process,” aka the ongoing internal reorganization that President Kim initiated on his arrival at the bank now more than two years ago.
The priority for policymakers concerned about the Ebola epidemic in West Africa should be to respond to the existing outbreak, treat the victims, and contain its spread. But the longer term lesson is that we need to be willing to spend more on global health.
Does a stand-alone Department for International Development have a long-term future? What is the role of DFID in facilitating other British government departments and other UK organizations to assist developing countries? What is its role in influencing the policies of other Whitehall departments?