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The New Public FinanceResponding to Global Challenges$
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Inge Kaul and Pedro Conceiçāo

Print publication date: 2006

Print ISBN-13: 9780195179972

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195179972.001.0001

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Using Aid Instruments More Coherently

Using Aid Instruments More Coherently


(p.471) Using Aid Instruments More Coherently
The New Public Finance

Inge Kaul

Pedro Conceiçāo

Oxford University Press

This chapter examines the transfer of financial aid through the use of the instruments of grants and loans or their combination. It suggests that the provision of aid is hard to justify because loans have been made to countries with low income, weak governance and high risk of default, while grants have been distributed across the spectrum of per capita income rather than being narrowly focused on high-risk countries. It contends that creditworthiness should affect the composition rather than the amount of the total resource transfer, such that a country with high absorptive capacity for aid but with low creditworthiness should receive large resource transfers in the form of grants.

Keywords:   financial aid, grants, loans, creditworthiness, international finance, economic assistance

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