Source: European Parliament
International development has become an important tool in both promoting equity and fostering greater global responsibility in an interconnected world. As the COVID 19 pandemic swept across the world, developed nations acted in solidarity with developing nations by providing medical supplies and financial support to countries hardest hit by the pandemic. In 2021, foreign aid hit an all-time high of US$179 billion in response to the pandemic. With a new humanitarian crisis following Russia’s invasion of Ukraine, developing nations most impacted by supply shortages and higher prices for key commodities will require support, and developed nations must have comprehensive instruments to react to global challenges.