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J D Sachs, J W McArthur

The Millennium Project: a plan for meeting the Millennium Development Goals
The Lancet, Volume 365, Issue 9456, Pages 347 353
Retrieved date: July 21, 2012
Sachs & Arthur (2005) in their article The Millennium Project: a plan for meeting the Millennium
Development Goals (MDG) they wrote that if foreign aid is properly managed by incorporating it into
national poverty reduction strategies then aid can have significant positive effects in reducing poverty
dimensions such as hunger and child mortality.

William Eaterly

Easterly on Growth, Poverty, and Aid
Journal of Economic Perspectives, 22 (2): 29-52.
Retrieved date: July 21, 2012 from: http://www.econtalk.org/archives/2008/02/easterly_on_gro.html
Easterly (2008) argues that although Sub- Saharan Africa has been subjected to the spread of
disease like AIDS and Malaria and has been affected by food shortages and shelter crisis, yet this
region will miss out to meet every MDG.

Jonathan Munemo Subhayu Bandyopadhyay and Arabinda Basistha
Foreign Aid and Export Performance: A Panel Data Analysis of Developing Countries
Working Paper 2007-023A
Retrieved date: July 20, 2012 from: http://research.stlouisfed.org/wp/2007/2007-023.pdf
In their research Munemo, Subhayu & Basistha (2007) revealed what they called Dutch disease
effect which causes aid to undermine export efforts of the recipient country.

Lerrick, A. and A. Meltzer
Grants: A better way to deliver aid
Center for Public Policy, Quarterly International Economic Report
Retrieved date: July 20, 2012 from: www.oecd-ilibrary.org/after-gleneagles_5l4qb54834jd.pdf;.../pdf
Lerric &Meltzer (2002) raise the argument that Official Development Assistance (ODA) should be
totally separated from loans and they point out that it will not be difficult for the donors and the
recipients to do so.

John E. Serieux
Reducing the Debt of the Poorest: Challenges and Opportunities
The North-South Institute
Retrieved date: July 21, 2012 from:www.nsi-ins.ca/content/download/pub_catalogue2003_eng.pdf
Serieux (1999) describes that heavily indebted countries face situations of trade and economic
stagnation and may later fall into a debt overhang in which the countrys ability to reimburse debts
have been surpassed by debt stock.

Peter T.Leeson.
Escaping poverty: foreign aid, private property and economic development
The journal of private enterprise 23(2) 2008, 39-64
Retrieved date: July 21, 2012 from : http://journal.apee.org/index.php/Spring2008_3
In his article, Escaping Poverty: Foreign Aid, Private Property and Economic Development, Peter (2008)
stated that since developing countries have weak government institutional checks disbursing aid into
hands of their rulers leads to widespread corruption in the form of embezzlement and fraud.

Claudia R. Williamson
Fixing Failed Foreign Aid: Can Agency Practices Improve?
Working Paper presented at the Oxford Aid Transparency and Development Finance
Retrieved date: July 21, 2012 from: www.claudiawilliamson.com/Claudia_Williamson/Research.html
Williamson (2010) says that $ 4.6 trillion of foreign aid has been given to poor countries and still most
of the worlds poorest regions live in extreme poverty.

Craig Burnside and David Dollar
Aid, Policy and Growth
Published by: American Economic Association
Retrieved date: July 20, 2012 from:
A research done by Burnside & Dollar (1997) revealed that foreign aid can have a positive impact
only if the recipient country has good fiscal, monetary and trade policies. Due to poor policies aid
cannot bring positive effect on growth.

Nathan Andrews
Foreign aid and development in Africa: What the literature says and what the reality is
Journal of African studies and development: volume 1 (1)
Retrieved date: July 19, 2012 from:
Andrews (2009) states that after decades of foreign aid many third world countries in Africa are facing
low growth rates and he argues that foreign aid has done nothing in reducing poverty and
underdevelopment as both are widespread and according to him there some states which are
considered to have collapsed such as Somalia.

Akonor Kwame
Foreign Aid to Africa: A hollow hope?
International law and politics 40:1071
Retrieved date: July 20, 2012 from: http://works.bepress.com/kwame_akonor/3/
According to Akonor (2008) foreign aid has been rendered ineffective due to the ways it has been
disbursed over the years. He argues that if donor countries mean to make long term sustainable
impact, aid should target developing infrastructure such as highways, telecommunication and power

E.M. Ekanayake and Dash Chatrna
The effect of foreign aid on economic growth in developing countries
Journal of International Business and Cultural Studies
Retrieved date: July 21, 2012 from: http://www.aabri.com/jibcs.html
A study done by Ekanayake & Chatrna (2008) concluded that there is a clear correlation between
economic growth and foreign aid and they argue that the impact of foreign aid is not only positive but
also stable and statistically sufficient.