economy
Cuts to overseas aid will worsen shocks to global economy, David Miliband says
Exclusive: Former UK foreign secretary says poor and rich countries alike will be hit amid humanitarian crisis sparked by Iran war
TL;DR
- Overseas aid cuts by countries like the US and UK risk stoking global economic instability.
- The Iran war is exacerbating humanitarian crises and impacting global poverty.
- David Miliband criticized the US for abandoning its role in global development and the UK for slashing its aid budget.
- Aid cuts remove support that could prevent future global economic instability.
- The UN estimates 32.5 million people could be plunged into poverty due to the Iran war's economic fallout.
- Global energy and fertilizer prices have soared, with the closure of the strait of Hormuz labeled a 'food security timebomb'.
- Rich countries cut aid spending by $174.3 billion in 2025.