By LM — Recently, Jamus Lim presented his case for a Foreign Aid Agency. He proposes that Singapore should approve foreign aid packages to International Development Association (IDA) by establishing a local Aid Agency, Sing-Aid.
We should be lending a hand to poorer nations!
IDA offers grants to poor countries but, it requires aid from wealthy nations to help those in need. As a nation that has benefited from Global Multilateral System (GMS), Jamus believes it is high time we reciprocate our contribution to the pot through local. His suggestion emerges from the fact that under-developed economies are still struggling to reconstruct themselves, post-pandemic.
Singapore has achieved tremendous success, in developing its infrastructure, education system, and social services. Hence, Singapore is well-positioned to take the lead and bring positive change to the world. As citizens of a wealthy nation, it is our responsibility to help others, both domestically and abroad One important way to do that, is through Foreign Aid.
Foreign aid is important for several reasons. First and foremost, it is a humanitarian imperative. Helping others in crisis is a fundamental aspect of what it means to be human. Foreign Aid is a necessary tool in the fight against global poverty and inequality. Foreign Aid is not a waste of resources. It provides essential resources such as food, medicine, and shelter. This assistance can help to prevent suffering and improve the lives of people in need. Through Foreign Aid, developmental projects are funded and people build better lives for themselves and their families.
Foreign Aid Is More Than Just About Providing Charity
Foreign aid is about promoting peace and stability in the world. When people are struggling to survive, they are more likely to become involved in a conflict. This can have negative impacts not just on them but on the world at large. Foreign aid helps to prevent conflict and promotes peace by providing people with the resources they need to build a better future.
Foreign Aid is also significant in promoting “Soft Power”. By providing foreign aid, a state can demonstrate its compassion to other countries. This builds positive relationships and increases State’s influence. For example, a state that provides aid to countries in need can be seen as a leader in global efforts to address humanitarian issues.
Furthermore, Foreign Aid promotes a state’s cultural, political, and economic values abroad.
For example, by providing aid to developing countries, a state can help to promote its economic system, thereby increasing its influence over economic policy in other countries.
After all, spending money on helping others is better than importing and investing in foreign talent with no regard for our laws and norms. Or making investments that result in losing billions of dollars of public money like the Lehman loss, the China Tech Stocks wipe-out, and the Temasek Holding case of cryptocurrency exchange losses. At least through foreign aid, a culture of inequality and exploitation is not fostered. Instead, everyone gets the opportunity to improve their life. Jamus Lim has a point here!