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Why Foreign Aid to Developing Countries Should Be Stopped (Essay Sample)


Why Foreign Aid to Developing Countries Should Be Stopped

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Why Foreign Aid to Developing Countries Should Be Stopped
It is a wise and good idea for the rich nations to share their wealth with developing countries. Developing countries especially in Africa rely a lot on foreign aid to cater for health services, education, food, and other necessities. However, the question that has never been answered is whether foreign aid can help these countries out of the bondage of poverty. Presumably, many countries in Africa are perishing in poverty because of over relying on foreign aid. Many of the countries in Africa gained independence at the same time as some western countries, but their economies still perform poorly (Easterly 1).
Foreign aid contributes to inefficiency of many governments in the underdeveloped countries. Various government leaders centralize their efforts on how to get more foreign grants instead of embarking on innovative projects that can wipe out poverty. In addition, too much flow of foreign aid to poor countries increases inflation. This makes the country’s currency lose value and consequently, the exchange rat...
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