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May 12

Fixing Foreign Aid and Fighting Corruption

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Private-sector trade and investment are by far the best combination to spur sustainable economic growth in developing countries. Only a financially healthy private sector, operating in a competitive formal economy with secure property rights and transparent rule of law, can create the businesses and jobs that are essential to long-term economic growth and development. Traditional development programs, such as those administered by the U.S. Agency for International Development (USAID), have doled out billions of dollars each year, but there is little evidence of effectiveness. One problem with foreign aid is that all too often it ends up in the wrong hands.

One of the largest obstacles to development and economic growth is corruption, a fact borne out by rankings of countries in The Heritage Foundation’s Index of Economic Freedom, which includes Transparency International’s Corruption Perceptions Index as an important indicator of economic freedom. In recognition of this threat, the U.S. Millennium Challenge Corporation (MCC) requires eligible countries to demonstrate a commitment to good governance, sound economic policies, and the well-being of their citizens.

Join us as our special guests discuss the important issues necessary for fixing foreign aid and fighting corruption.

More About the Speakers

Keynote Remarks by
The Honorable Leonard McCarthy
Integrity Vice President, The World Bank, and former Director of Public Prosecutions of South Africa

Followed by a Panel Discussion with 
Sheila Herrling
Vice President, Department of Policy and Evaluation, Millennium Challenge Corporation, and former Director, Center for Global Development

James M. Roberts
Research Fellow for Economic Freedom and Growth, Center for International Trade and Economics, The Heritage Foundation (Moderator)