Abstract
Official development assistance has long been a cornerstone of international development cooperation. In recent years, its importance in global capital flows has significantly declined. In part, this is due to a fall in the absolute volume of ODA flows to developing countries. The decline in the relative importance of ODA is more importantly due to a dramatic surge in private capital flows. However, as noted in the preceding chapter, private capital flows tend to remain concentrated in a limited number of countries. The vast majority of developing countries are dependent on ODA for access to external capital. The objective of this chapter is to examine the trends in ODA flows to developing countries of the region and to draw attention to some policy concerns in this respect.
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