Our Principal Associate Jonathan Glennie launched his latest paper titled Global Public Investment during the UN General Assembly (UNGA).
In it he provides a vision of a renewed and revamped understanding of the role and nature of official development assistance (ODA) and other types of concessional international public finance.
Jonathan states the language and theory of “aid” is outdated. But something like it is still needed as the world faces huge communal challenges, new and old. This report sets out a new approach for the 21st century, which he calls Global Public Investment.
Jonathan proposes FIVE paradigm shifts for the future of concessional international public finance, as we move on from an old-fashioned “aid” mentality:
- Ambition–From reducing poverty to reducing inequality
- Function–From quantity to unique characteristics
- Geography–From north-south to universal
- Governance–From closed to accountable
- Narrative–From charity to investment
From our experience, we know that the conduct of modern day aid is far from optimal. Things have to change and the world of international development should embrace Glennie’s ideas. There’s much to gain. Let us work together in transforming our global effort in a more honest and transparent way.