Last February, the abrupt termination of more than 80 percent of USAID projects left millions without essential support, raising questions about whether a fundamental change in global aid is underway. With a US$60 billion budget in 2023, USAID was the world’s largest bilateral donor, operating almost exclusively on a grant-based model. Officially, USAID’s closure has been linked to inefficiencies or framed as a partisan decision. Yet beyond ideology, the move reflects a broader transformation in development aid—potentially marking the final shift to a global loan-based model […]