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Western economies rewrite the finance rules – with strings attached

Self-interest is driving the redesign of global cooperation after historic cuts in aid budgets

Hopes that the swingeing aid cuts, which have reduced official development assistance by almost 30% over the last two years, might be slowed or reversed have been comprehensively dashed in recent meetings in Europe between African and western leaders to review blueprints for development finance. The message from the UN’s Future of Development Cooperation Coalition (FDCC), which published its first interim report on 20 May – suggests that ODA will be cut back further over the next five years.

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