How the UK’s spending on foreign aid compares to other countries’

Published

4 years ago

June 7, 2021

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Conservatives rebels have been among those calling on the government to reverse its plan to cut foreign aid.

Since 2015, it has been enshrined in UK law for the country to give at least 0.7% of Gross National Income (GNI) to lower and middle-income countries to aid their development.

The plan to reduce the UK’s contribution to foreign aid to 0.5% of GNI – despite a United Nations target of 0.7% – has been met with widespread domestic and international criticism.

Here, we look at how much the UK gives in comparison to other countries.

Who gives foreign aid?

Most richer countries give aid, including some that are classed as middle or lower-income.

But the 0.7% target applies to countries that are on the Organisation for Economic Co-operation and Development’s Development Assistance Committee (OECD DAC).

These 30 countries are made up of many in the European Union, the UK, US, and other highly developed nations like Australia and New Zealand.

A couple of other countries are participants on the DAC, such as Saudi Arabia, the UAE, Bulgaria and Romania.

Last year, the UK was one of only seven countries reporting to the OECD that met the 0.7% target, giving the equivalent to $17.4bn – exactly 0.7% GNI. Out of European countries, only Germany spent more than the UK on aid in absolute terms ($27.5 billion or 0.73% of GNI). But several OECD countries gave more as a percentage of GNI.

In 2020, the proportion of GNI given by countries varied significantly from country to country, despite the UN’s target.

What is the money spent on?

The aid from DAC countries is called Official Development Assistance (ODA), which is intended to promote the economic development and welfare of developing countries, according to the OECD.

In 2020, the last year for which net flows of aid were reported, member countries sent $161bn to those developing countries, an increase of 7% in real terms compared to 2019. About three-quarters of that came from G7 countries.

Broadly, this falls into one of four categories: 1. Bilateral projects, programmes and technical assistance, which represent just over half of total net ODA; 2. Contributions to multilateral organisations (about a third of total ODA); 3. Humanitarian aid; and 4. Debt relief.

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This can include grants that fund improvements to the health of people in developing countries, such as vaccination programmes, but it can also include programmes that can benefit donor countries, such as infrastructure projects that allow greater levels of trade and investment.

Many countries, such as Japan, offer a sizable proportion of their aid in the form of loans.

How has the UK been doing up until now?

In 2013, the UK achieved the 0.7% target for the first time.

It came about after the Conservative Party committed to the target in its 2010 manifesto, when it also proposed setting up a dedicated department for international development to help achieve its aim.

It has maintained the commitment in subsequent manifestos, including in 2019 when it pledged to maintain the proportion of spending.

In 2010, then leader David Cameron defended the move, telling business leaders at the Lord Mayor’s banquet in London’s Guildhall that it saved lives, prevented conflict and was the “most visible example of Britain’s global reach” for millions of people.

Since 2015, the Government has also been under a statutory duty to meet the 0.7% target, as a result of the International Development (Official Development Assistance Target) Act.

But, in the wake of the impact of the pandemic, ministers want to slash the proportion to 0.5% saying that, while it is only a temporary measure until the nation’s finances are repaired, it will save £4bn.

If the UK had spent 0.5% of GNI in 2020, as it plans to in 2021, it would have ranked 10th in the world for its aid spending as a proportion of GNI, instead of seventh, according to the House of Commons Library.

How did the 0.7% target come about?

A target for international aid was originally proposed as far back as 1958 – at first by the Central Committee of the World Council of Churches, which suggested a 1% of GDP figure would be appropriate, and the idea was then circulated to all United Nations delegations at the 1960 General Assembly.

The 0.7% target was first agreed by the DAC in 1970 and it has repeatedly been international endorsed.

Among the key moments at which the 0.7% figure has been backed are the 15 countries that were members of the European Union by 2004 agreeing the following year to reach the target by 2015 and the 0.7% target serving as a reference for 2005 political commitments to increase ODA at the G8 Gleneagles Summit and the UN World Summit.

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In 2017, the UK government said it wanted to modernise the ODA rules to include some peacekeeping-related spending.

Currently, spending on military equipment or activity, including peacekeeping expenditure and anti-terrorism operations, are excluded, apart from the distribution of humanitarian aid.

Aid that relates to nuclear energy can be included as long as it is provided for civilian purposes.

Do countries outside the OECD provide international aid?

OECD countries are not the only ones that provide foreign aid, in its widest definition.

Evidence has been presented that China, India and Russia – which are classed as middle and upper-middle income countries – provide aid that would qualify under the ODA rules, but the amount they provide is not subject to the degree of transparency of DAC aid budgets.

US research group Aid Data has examined the Chinese loans paid to developing countries for a wide range of projects and businesses, with tens of billions in ODA payments given to lower or middle-income nations.

The vaccine diplomacy engaged in by Russia and India illustrates how two other countries outside the OECD offer one form of help.

And the World Bank reported that Russia’s ODA was $1.2bn in 2017, the last year for which figures were available, and India’s Ministry of External Affairs says it has offered “lines of credit” to 64 countries, worth $30.6bn.

Politics

US House members call for investigation into Trump’s memecoin dinner

Published

7 hours ago

May 23, 2025

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<div>US House members call for investigation into Trump's memecoin dinner</div>

Members of the US House of Representatives called for the Justice Department to investigate Donald Trump’s May 22 dinner for his top memecoin investors, citing concerns about “foreign influence over US policy decisions” and “potential corruption and emoluments clause violations.”

In a May 22 letter to the Justice Department, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution.

Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress. Bloomberg reported that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges.

“US law prohibits foreign persons from contributing to US political campaigns,” said the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”

Congress, Donald Trump, Investigation, Memecoin — *May 22 letter to DOJ official calling for investigation into Trump memecoin dinner. Source:* *Representative Sean Casten*

The call for an investigation and a press conference asking Trump to “release the guest list” for the dinner both occurred hours before the event, which was held at the Trump National Golf Club outside Washington, DC. A group of protesters, joined by Senator Jeff Merkley, gathered outside the venue with signs stating “illegal crypto party” and “democracy is not for sale.”

Though some of the dinner attendees covered their faces with masks to conceal their identities, protesters and members of the media confirmed that Tron founder Justin Sun appeared at the event, as well as other Trump supporters who posted to social media. The complete list of attendees was not available at the time of publication.

The memecoin dinner still has the potential to affect pending legislation in Congress

In addition to the call for a DOJ investigation, Democratic lawmakers in the House and Senate proposed legislation to address what they called “Trump’s crypto corruption” as Congress considered a bill to regulate stablecoins and a market structure bill.

Several Senate Democrats who initially voted against advancing the stablecoin bill, called the GENIUS Act, later sided with Republicans to set up a debate in the chamber.

Representative Maxine Waters introduced a bill to limit the access of any US president, vice president, members of Congress and their families to cryptocurrencies. Members of the Senate will also propose an amendment to the GENIUS Act to address Trump’s connection to World Liberty Financial, a crypto platform backed by the president’s family that issued its USD1 stablecoin.

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Politics

Crypto, NFTs are a lifeboat in the sinking fiat system: Finance Redefined

Published

9 hours ago

May 23, 2025

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Crypto, NFTs are a lifeboat in the sinking fiat system: Finance Redefined

Risk appetite across traditional and cryptocurrency markets saw a sharp rise this week, helping United States cryptocurrency funds recover the capital lost to the correction of February and March, amassing over $7.5 billion worth of weekly inflows.

Bitcoin (BTC) surpassed its old all-time high on May 21, two days after President Donald Trump confirmed ongoing ceasefire negotiations between Russia and Ukraine in a May 19 X post.

Meanwhile, popular analyst and Global Macro Investor CEO Raoul Pal warned of more fiat currency debasement, urging investors to gain more exposure to cryptocurrencies and non-fungible tokens (NFTs), as these assets “will never be this cheap again.”

Exponential currency debasement: “You don’t own enough crypto, NFTs”

Cryptocurrencies and NFTs can help investors protect their eroding purchasing power during an era of exponential currency debasement, according to analysts and industry leaders.

Investing in digital assets is becoming increasingly important in the “world of the exponential age and currency debasement,” according to Raoul Pal, founder and CEO of Global Macro Investor.

“You don’t own enough crypto. When you do, you don’t own enough NFT’s, as art is upstream of wealth. Both will never be this cheap again,” Pal said.

NFTs are “the single best long term store of wealth I know and you get to buy it before network effects kick in,” he added in another response.

“There is some validity to the statement that NFTs, and in extension art, become a vehicle for the wealthy once a certain level of wealth is reached,” wrote Nicolai Sondergaard, research analyst at Nansen, calling it a “natural move” for asset diversification.

“For traders and investors, further down the wealth curve, NFTs are partially about speculating on future returns,” he told Cointelegraph, adding that NFTs also benefit from the allure of strong communities, beyond just wealth creation.

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US crypto funds top $7.5 billion inflows in 2025 as investor appetite grows

Crypto investment products in the United States have attracted over $7.5 billion worth of investment in 2025, with a fifth week of net positive inflows last week signaling growing investor demand for digital assets.

US-based crypto investment products attracted $785 million worth of investment last week, pushing the year-to-date (YTD) total to over $7.5 billion, according to a May 19 report by digital asset manager CoinShares.

The latest figure marks the fifth consecutive week of net positive flows, following nearly $7 billion in outflows during February and March.

The United States accounted for the bulk of inflows, with $681 million, followed by Germany at $86.3 million and Hong Kong at $24.4 million.

Investor demand for risk assets such as cryptocurrencies staged a significant recovery after the White House announced a 90-day pause on additional tariffs on May 12, which marked a 24% cut for import tariffs for both the US and China.

A day after the announcement, Coinbase exchange saw 9,739 Bitcoin worth more than $1 billion withdrawn from the exchange — the highest net outflow recorded in 2025, signaling that institutional appetite was “accelerating,” according to Bitwise’s head of European research, André Dragosch.

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VanEck to launch Avalanche ecosystem fund

VanEck plans to launch a private digital assets fund in June targeting tokenized Web3 projects built on the Avalanche blockchain network, the asset manager said in a statement shared with Cointelegraph.

The VanEck PurposeBuilt Fund, available only to accredited investors, aims to invest in liquid tokens and venture-backed projects across Web3 sectors, including gaming, financial services, payments, and artificial intelligence.

Idle capital will be deployed into Avalanche (AVAX) real-world asset (RWA) products, including tokenized money market funds, VanEck said.

The fund will be managed by the team behind VanEck’s Digital Assets Alpha Fund (DAAF), which oversees more than $100 million in net assets as of May 21.

“The next wave of value in crypto will come from real businesses, not more infrastructure,” Pranav Kanade, portfolio manager for DAAF, said in a statement.

Continue reading

Yield-bearing stablecoins surge to $11 billion, now 4.5% of market: Report

Yield-bearing stablecoins have soared to $11 billion in circulation, representing 4.5% of the total stablecoin market, a steep climb from just $1.5 billion and a 1% market share at the start of 2024.

One of the biggest winners is Pendle, a decentralized protocol that enables users to lock in fixed yields or speculate on variable interest rates. Pendle now accounts for 30% of all yield-bearing stablecoin total value locked (TVL), roughly $3 billion, according to a report from Pendle compiled by analysts from Spartan Group and Modular Capital shared with Cointelegraph.

The report noted that stablecoins make up 83% of its $4 billion total value locked, a sharp rise from less than 20% just a year ago. In contrast, assets such as Ether (ETH), which historically contributed 80%–90% of Pendle’s TVL, have shrunk to less than 10%.

Traditional stablecoins like USDt (USDT) and USDC (USDC) do not pass on interest to holders. With over $200 billion in circulation and US Federal Reserve interest rates at 4.3%, Pendle estimates that stablecoin holders are missing out on more than $9 billion in annual yield.

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Tether surpasses Germany’s $111 billion of US Treasury holdings

Tether, the $151 billion stablecoin issuance giant, has surpassed Germany in United States Treasury bill holdings, showcasing the benefits of a diversified reserve strategy that has helped the firm navigate the volatility of the cryptocurrency market.

Tether, the issuer of the world’s largest stablecoin, USDT, has surpassed Germany’s $111.4 billion worth of US Treasurys, data from the US Department of the Treasury shows.

Tether has surpassed $120 billion worth of Treasury bills, the firm shared in its attestation report for the first quarter of 2025. That makes Tether the 19th largest entity among all counties in terms of T-bill investments.

“This milestone not only reinforces the company’s conservative reserve management strategy but also highlights Tether’s growing role in distributing dollar-denominated liquidity at scale,” wrote Tether in the report.

During 2024, Tether was the seventh-largest buyer of US Treasurys across all countries, surpassing Canada, Taiwan, Mexico, Norway, Hong Kong and numerous other countries, Cointelegraph reported in March 2025.

Continue reading:

DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

Worldcoin (WLD) rose over 32% as the week’s biggest gainer in the top 100, followed by the Hyperliquid (HYPE) token, up over 30% on the weekly chart.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Politics

Who attended Trump’s controversial memecoin dinner?

Published

12 hours ago

May 23, 2025

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Who attended Trump’s controversial memecoin dinner?

The top 220 holders of US President Donald Trump’s memecoin met yesterday at the president’s golf course in Virginia for an exclusive dinner and purported meet-and-greet.

Attendees spent a grand total of $148 million for an “ultra-exclusive VIP reception with the president,” which crypto industry advocates and critics alike saw as a potential opportunity to discuss crypto policy with the president.

The crowd contained a number of foreign crypto executives and influencers who otherwise would not have access to the US president, raising questions around corruption and foreign influence.

Concerns were further augmented when White House Press Secretary Karoline Leavitt declined to release a list of attendees, stating that the event was a private affair outside of Trump’s presidential duties.

However, some attendees spoke to the press or took to social media to talk about the dinner. Here are just a few:

Justin Sun

Tron founder Justin Sun was the largest TRUMP tokenholder at the gala, which was reportedly enough to earn him a special watch, presented in a special ceremony.

Sun’s presence at the event was particularly controversial. Last year, he faced a lawsuit brought by the US Securities and Exchange Commission over the alleged “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.”

The SEC asked for a reprieve in late February, just over a month since Trump’s inauguration and the subsequent 180 in federal agencies’ approach toward regulating crypto.

Outside the crypto dinner, Sun posted on May 21 that he would be spending a week in Washington, DC to have “meaningful conversations that will help shape the next chapter of blockchain’s future” in the United States.

Kain Warwick

Kain Warwick, founder of crypto exchange operator iFinex, told The New York Times on May 12 that he was attending the event after stocking up on enough TRUMP to break the top 25 investors on the leaderboard.

Warwick said he wanted to have a shot at meeting the president, or someone on his team, to talk crypto — specifically decentralized finance (DeFi), which is getting less attention in the current crop of crypto bills circulating the US Congress.

“If you assume Trump and 10 people within the Trump team are there, now you’ve got a one in 15 shot of having a conversation with one of them,” he said.

Vincent Liu

Vincent Liu, chief investment officer of crypto trading, VC and market-making firm Kronos Research, attended the event, posting pictures of the menu and Trump’s brief speech.

Liu wrote, “Simply by holding the Trump token, individuals have an unprecedented opportunity to meet the President of the United States.”

He had previously told Cointelegraph, “The decision to acquire the [TRUMP] token was not political. It was based on identifying early momentum, cultural relevance and potential market catalysts.”

His firm stated that “alpha” — i.e., exclusive or difficult-to-obtain information that could move markets — was “on the menu.”

Lamar Odom

Also in attendance was two-time National Basketball Association champion Lamar Odom. While many other crypto entrepreneurs in the audience were focused on policy, Odom used news of his attendance to plug his own memecoin, ODOM.

Odom launched his memecoin less than a week before the dinner on May 14. The anti-addiction-themed memecoin (Odom had a public battle with substance addiction) is issued on the Solana blockchain.

The coin itself had a 20% “Trump Dinner Program” staking scheme, where TRUMP holders could stake their coins with Odom’s project, ostensibly to enable him to attend the dinner event, and receive ODOM airdrops in return. Odom himself will hold 5% of all ODOM.

Sangrok Oh

CEO of Seoul- and Tokyo-based cryptocurrency management firm Hyperithm, Sangrok Oh was the 13th-largest TRUMP holder with a wallet containing over $3 million worth of the token, according to the Straits Times.

Oh told The New York Times that he had arrived with a batch of red “Make Crypto Great Again” hats to give away at the dinner and expected to speak directly with the president. “It’s kind of a fund-raiser […] And he’ll always be good to his sponsors.”

Oh has been critical of the slow regulatory progress for crypto in the countries where his company operates.

Anonymous attendees

In addition to crypto execs and sports stars, the event also noted a few anonymous or pseudonymous crypto traders and entrepreneurs in attendance.

Among them was “Ice,” co-founder of the Singaporean crypto company MemeCore. Their company’s chief business development officer, Cherry Hsu, told Sherwood News that Trump’s rise “represents the power of memes to influence culture, perception, and movements — principles that align with MemeCore’s vision of a decentralized, community-driven future.”

“Ogle,” a cybersecurity adviser to Trump’s own World Liberty Financial crypto enterprise, as well as the pseudonymous co-founder of blockchain ecosystem Glue, also attended. Ogle said they were going out of curiosity, more than anything, and did not endorse Trump personally. “I’m hoping it’ll be fun — and hoping they’ll serve McDonald’s.”

Another anonymous attendee was “Cryptoo Bear,” a crypto trader and occasional news reporter who posts primarily in Japanese. Cryptoo Bear made no political statements about the event, mainly posting about the swag and the food. They did say they were promised a photo op with the president, but it didn’t pan out.

Dinner “guests” across the picket line

Outside the country club, US senators and former staffers attended the event as part of a protest.

Bloomberg reported that protestors shouted “Shame!” and “I hope you choke on your dinner!” at attendees. Critics of the event widely consider it to be a glaring example of corruption in Washington and within the Trump administration.

Senator Jeff Merkley, a Democrat from Oregon, joined the protest. “The spirit of the Constitution was that no one elected would be selling influence to anyone,” he said, “because it’s to be government by and for the people.”

Ken Papaj, a former Treasury Department official, said, “Every time there’s a transaction, he gets a transaction fee? Just unconscionable what he’s doing.”

The dinner comes at a pivotal time for the crypto industry in the US, where the industry is pushing hard for Congress to pass friendly regulations. Trump’s ties may complicate matters, however, as lawmakers have introduced anti-corruption bills targeting crypto and politicians.

Senate Democrats are also taking aim at the stablecoin-focused GENIUS Act, introducing a slew of amendments addressing Trump’s crypto businesses.

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