Foreign aid spending surmounted to a record $223 billion in 2023, but projections for 2024 show at least $17.2 billion in cuts from eight wealthy nations. Major contributors like the Netherlands, France, and Germany have announced substantial reductions to official development assistance (ODA) budgets, driven by a shift in economic policies. Smaller donor countries are also curtailing their contributions, mirroring a broader trend of decreased foreign aid funding. This has raised concerns about the future of international support, particularly for the poorest nations, as economic uncertainty rises globally.
Foreign aid spending hit a peak of $223 billion in 2023, but wealthy nations plan cuts to development assistance, leading to concerns about sustaining global aid efforts.
A historical overspend on aid is being challenged by budget cuts from major donor countries, including the Netherlands and France, each reducing contributions significantly.
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