50 years of Broken Promises: The $5.7 trillion debt owed to the poorest people

Overview

This year marks an historic chapter in the story of international aid. On 24 October 2020, it will be 50 years since high-income countries committed to spending 0.7% of their gross national income (GNI) on aid to low- and middle-income countries. 

This paper examines how aid has helped to improve the wellbeing of people in low- and middle-income countries. It discusses how donors’ broken promises on the 0.7% target have limited the potential of aid to reduce poverty and inequality. Oxfam has calculated that in the 50 years since the 0.7% promise was made, high-income countries have failed to deliver a total of $5.7 trillion in aid. Finally, this paper reflects on the future of aid.