REVIVING THE AID FOR DEVELOPMENT ASSISTANCE PROGRAM

 
Author: Aleena Tanveer
08:12 PM EST | December 11, 2014
 

In 1970s, the rich countries under an agreement decided to fund a program known as “Aid for development assistance’ for third world countries. Under the above mentioned program, each signatory country was to contribute 0.7 percent of the total net annual income towards the fund. However, during the past years, most of the countries though contributing the biggest sum are not contributing according to the agreed figure. United Nation is reviving the Aid for development program, where all partner country whether first world or third world are invited to be a part of this program. Each and every country will be required to country 0.3 percent of the total net monetary influx; the percentage is kept low to not burden the developing countries, at the same time increasing the collection base by including the third world countries. These funds will be directed towards the infrastructural development of developing countries, expatiating economic growth.