Friday, 07 May 2021 08:08 GMT

Foreign support reaches record high amidst coronavirus pandemic

( MENAFN ) Initial figures by a global economic body showed that foreign support from official donors stood at USD161.2 billion last year, reaching a record high increased by expenditure mobilized for assistnace amidst the continuing COVID-19 pandemic.

The Organization for Economic Co-operation and Development (OECD) stated in a declaration on Tuesday: "total ODA [official development assistance] in 2020 rose by 3.5% in real terms compared to 2019, reaching its highest level ever recorded."

It said: "the 2020 ODA total is equivalent to 0.32% of Development Assistance Committee (DAC) donors' combined gross national income, up from 0.30% in 2019 but below a target of 0.7% ODA to Gross National Income (GNI)."

Foreign support climbed in a year that witnessed the coronavirus pandemic disrupting all aspects of nationwide economies, leading to local resources coming under augmented pressure.

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