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When we make presentations on COD AIDat development agencies, we are frequently told: “Oh, we’re already doing that.” The more we investigate, however, the fewer cases we find where agencies are really disbursing funds against independently verified outcomes in a hands-off fashion. We’re tempted to say “close but no cigar.”
To all those concerned about the future of foreign aid, please take the opportunity to read the works included in CGD’s new Innovations in Aid mini-series. The first paper in this series “The End of ODA” is by Jean-Michel Severino and Olivier Ray, and though it was started before the current global financial crisis reached its height, it is more relevant today than ever before. In this paper Severino and Ray describe shifts in the objectives of ODA (official development assistance) over time, and conclude that it is time to reform the concept and rename it “Global Policy Finance”.