WASHINGTON D.C. — In order to catalyze market-based economic growth in developing countries, the United States must create opportunities for the private sector and effectively engage in foreign assistance programs as well as improve coordination among relevant departments and agencies. Countries in need must be put on a path to success, and the way to ensure this lies in bills such as H.R 2747.
H.R 2747 is a bill that utilizes U.S. developmental assistance programs to better coordinate resources for regions in need to fix several facets of the economy crucial to sustaining progress in specific developing countries. The state of certain aspects of society needs to be addressed for there to be effective transparency between government and people.
Some include utilities, health, transportation, infrastructure and education. Within this legislation is the rigorous process that the heads of federal departments and agencies, planning or proving United States assistance oversee, shall guarantee they are following. Strategies for aid will be coordinated with the private sector, and an analysis of each country receiving assistance will be written, showing the inadequacies within each specific region’s infrastructure.
Also included in the strategy are constraints within the rule of law in each respective country that needs to be addressed. When a government is transparent and respects human rights, developmental assistance is more helpful and efficient.
Strategies should ensure that each respective country is uplifted by putting them on a path of growth that ultimately leads to them not receiving assistance anymore from the U.S. Strengthening the market by showing faults in the current system and making trade more efficient will help push a country to success. Trade needs to be done fairly and with transparency so that progress can be better sustained.
United States development finance programs in H.R 2747 would complement rather than replace current sources of the private capital. Resources should be better coordinated to ensure more proficient results.
Within this bill, the president would establish an interagency that would help manage the distribution of resources when it comes to overseas development assistance programs that are carried out by federal departments and agencies to ensure planning with the private sector. Streamlining coordination and accessing financial tools would allow for better participation and cooperation between the private sector and developmental assistance programs.
Grant based programs have been the majority of capital investment but H.R 2747 addresses a criterion that has developmental assistance almost being a bigger benefactor for certain developing countries. To better provide aid, the private sector must be in coordination with other agencies. Plans to improve countries infrastructure should utilize an effective growth strategy. H.R 2747 develops a specific plan for effectively using resources for certain developing countries.
– Nick Katsos