Assessment of U.S. Economic Assistance, Hearing Before the Committee on Foreign Relations, U.S. Senate, One Hundred Fourteenth Congress, Second Session, July 7, 2016   [open pdf - 688KB]

This testimony compilation is from the July 7, 2016 hearing, 'Assessment of U.S. Economic Assistance,' before the U.S. Senate Committee on Foreign Relations. From the testimony of Todd J. Moss: "I appreciate being invited to testify again and the opportunity to highlight ways the United States can more effectively support private sector growth and economic opportunity around the world. I proudly served in the State Department under Secretary Condoleezza Rice and continue to work closely on global economic policy issues at the nonpartisan Center for Global Development (CGD). I have three points today, drawing on my work at CGD with my colleague Ben Leo. First, development finance, rather than aid, is the future. Aid is the right tool for tackling health challenges and humanitarian crises. Aid has been much less effective at generating broad economic growth. However, when carefully targeted, aid can be useful in addressing specific barriers to business. The Millennium Challenge Corporation model, which uses five-year compacts to explicitly attack constraints to growth, is a great example. So too are the US Treasury's technical assistance programs and USAID's [United States Agency for International Development] laudable coordination of the Power Africa initiative. Yet it is development finance--or the deployment of commercial capital for public policy purposes--that is the most potent weapon we have for expanding markets and spurring private sector growth. When the United States wants to encourage job creation in Tunisia, wants to catalyze infrastructure investment in Nigeria, wants to bring Pakistani women into the banking sector, we turn to development finance. Development finance is the future because of the changing global landscape. Many previously poor countries are richer today and are looking for more than aid." Statements, letters, and materials submitted for the record include those of the following: Todd Moss, Jeffrey Herbst, and Alicia Phillips Mandaville.

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