Opinion (Angel Gurría, Secretary-General of the Organization for Economic Co-operation and Development (OECD)): “Major donors’ aid to developing countries fell by nearly 3% in 2011, breaking a long trend of annual increases. Disregarding years of exceptional debt relief, this was the first drop since 1997. Continuing tight budgets in OECD countries will put pressure on aid levels in coming years.
“‘The fall of ODA is a source of great concern, coming at a time when developing countries have been hit by the knock-on effect of the crisis and need it most. Aid is only a fraction of total flows to low income countries, but these hard economic times also mean lower investment and lower exports.’”
My Comment: So far the crisis is held back by the year of presidential re-election (the economy of election), but then it will hit everyone like a tsunami.