Retooling Development Aid in the 21st Century: The Importance of Budget Support

Budget support is a crucial tool for developing countries to achieve the Sustainable Development Goals. It provides fast disbursing finance in support of critical reforms and has evolved from its controversial past. The volume proposes a retooling of budget support as a versatile instrument to address both essential global public goods and tackle country-specific development challenges.

Format: Hardback
Length: 304 pages
Publication date: 20 April 2023
Publisher: Oxford University Press

The world is facing unprecedented challenges that require innovative solutions. Global pandemics, climate change, increasing inequality, low economic growth, and conflict have made it increasingly difficult for developing countries to achieve the Sustainable Development Goals (SDGs). In response, Retooling Development Aid in the 21st Century: The Importance of Budget Support examines the critical role of budget support by both multilateral and bilateral aid agencies in addressing these challenges.

Budget support is a powerful tool that provides fast-disbursing finance in support of critical reforms. It has evolved from its controversial past and has been shown to have positive impacts on poverty reduction and economic growth. However, there are debates over conditionality and unmet expectations from the 2005 Paris Declaration.

With the global financial crisis, the COVID-19 pandemic, and the spillovers from conflict and climate change, budget support has re-emerged as a key financing instrument to support policy reforms and catalyze private capital. The volume proposes a retooling of budget support as a versatile instrument to address both essential global public goods and tackle country-specific development challenges.

One of the key findings of the volume is that budget support should be tailored to the specific needs and circumstances of each country. It should focus on building capacity, promoting policy reforms, and addressing structural issues that hinder development. Additionally, budget support should be integrated with other forms of aid, such as technical assistance and investment, to create a comprehensive and sustainable development strategy.

Another important aspect of retooling budget support is the need to address gender equality and social inclusion. Women and marginalized communities are often left behind in development efforts, and budget support should prioritize their needs and promote their participation in decision-making processes. This can help to achieve the SDGs and create a more equitable and sustainable society.

In conclusion, Retooling Development Aid in the 21st Century: The Importance of Budget Support is a timely and important contribution to the debate on development aid. It highlights the critical role of budget support in addressing the 21st century's development goals and proposes a retooling of budget support as a versatile instrument to address both essential global public goods and tackle country-specific development challenges. By tailoring budget support to the specific needs and circumstances of each country, integrating it with other forms of aid, and addressing gender equality and social inclusion, we can create a more sustainable and equitable world for all.

Weight: 652g
Dimension: 242 x 164 x 21 (mm)
ISBN-13: 9780192882196