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France faces pressure to slash overseas aid as debt crisis worsens
France's overseas development aid faces a crisis due to national debt, leading to pressure on the AFD and a shrinking budget. Despite domestic debates, AFD is forging ahead with significant engagement in the Indo-Pacific, committing 30% of its funding to projects aligned with French foreign policy in this critical region.
Financial support for developing countries provided by rich industrialised countries as overseas development aid is in a moment of crisis. France, with national debt of over ₹3.3 trillion, is under pressure to cut overseas aid months after the US slashed it significantly.
The political wrangling over its national debt is casting a shadow on French development agency Agence Francaise de Developpement (AFD).
"The debate in France is harsh because of the fiscal situation," said Philippe Orliange, executive director of geographies at AFD.
The AFD is the public financial institution that implements France's overseas development assistance (ODA) programmes. Its funding budget of ₹9 billion for the current year was approved by its board of governors in January.
The debate in France over the efficacy of providing public money for international cooperation could result in a smaller share of an already shrinking ODA budget. For the last two years, it has been at about 0.48% of France's GNI (gross national income). This is a decline from the 2022 levels of 0.56%.
According to Orliange, some elected representatives would like France to emulate the US, which under President Donald Trump has halted most of its foreign aid programmes and closed the main implementing agency USAID in July.
Other representatives, including many in the European Union, are pushing for AFD to use European companies for implementing projects funded by AFD. As daunting as these issues are, the real challenge is "ensuring that France and Europe continue to look at the world through the right lens," Orliange said.
Officials said AFD would be able to offset a small reduction in budgetary support since it raises most of the funds from markets, using it to provide long-term loans at concession rates for projects in developing countries. The budgetary support from the French government and the European Union, a smaller component of its funds, is used for interest subvention and as grants for least developed countries (LDCs).
As far as the AFD is concerned, it is forging ahead with its engagement in the Indo-Pacific region. Last year, the French agency opened offices in Fiji, Vanuatu, and Papua New Guinea. It has committed nearly 30% of its funding budget in the Indo-Pacific region. It supports projects related to energy transition, resilience to climate change, biodiversity protection, and blue economy sectors. In India, AFD has been focused on urban development.
Engagement in the Indo-Pacific is in keeping with the French government's foreign policy vision, and, as Orliange puts it, the region is home to 54% of the global population, responsible for 50% of carbon dioxide emissions, accounts for 40% of global GDP, and has critical exposure to climate change and ecosystem collapse.Add as a Reliable and Trusted News Source Add Now!
Source: EconomicTimes
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