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A young French leader not bound to the policies and programs of the established parties—even in the event of a coalition government with other parties—presents a real opportunity, which includes deepening France’s commitment to international development.
On May 7, French voters will elect their new president—right-wing candidate Marine Le Pen or centrist Emmanuel Macron. France is a leader in development-friendly policies—currently ranking fourth on CGD’s Commitment to Development Index (CDI) and the highest ranking G7 country. So what will France’s choice mean for international development?
Not to be melodramatic, but the official system for counting foreign aid is in crisis. The longstanding mathematical rule determining whether a loan’s interest rate is low enough to qualify it as aid has gone out of sync with the times. The rule’s benchmark interest rate of 10% per year was reasonable when adopted in 1972, but not now. Today, wealthy governments can borrow below 3%, lend a couple percent higher, come in well under the 10% bar, and count the potentially profitable lending as aid.
The unexpectedly sudden French military action in Mali is a first step toward reunifying the country, but it also highlights the risks for outsiders, including the United States. In the days ahead, the US will need to balance its cautious instincts on Mali with the imperative to help shape events as they unfold. In the months ahead, the US must reflect on the future of American counterterrorism and democracy strategies in places without a massive US military presence.
Last Friday, I had the pleasure of co-chairing, with research fellow Ben Leo, a CGD event on the priorities and prospects of the G-20’s recently adopted development agenda. The two panels focused on African infrastructure and global food security, the central pillars of France’s development agenda for the upcoming G-20 Summit in Cannes.
And now for a really bad idea: according to the Financial Times Michel Barnier, France's farm minister, told a food crisis summit in Berne that Africa and Latin America should adopt their own versions of Europe's Common Agricultural Policy -- massive trade-distorting subsidies -- as a response to rising demand for food.
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