Help the Poor Help Themselves
One early result of today’s global recession is that many donor governments are trimming their foreign aid programs. But by far the biggest transfer of assets from rich countries to the developing world takes place through migrant workers’ remittances, and it is this system that rich-country governments should be seeking to strengthen.
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HELSINKI – One early result of today’s global recession is that many donor governments are trimming their foreign aid programs. Before taking office, President Barack Obama had promised a doubling of American foreign assistance, from $25 billion to $50 billion, but since then Vice-President Joe Biden has warned that this commitment will probably be achieved more slowly because of the downturn.