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Introduction The term “Aid” refers to all forms of aid granting, whether loans or grants, from governments and multinational financing agencies. Private capital movements are excluded. I would also exclude emergency relief aid associated with natural calamities such as famines, floods etc., because of its temporary nature. In an ethical context, two major issues then arise. What are the possible ethical and/or non‐ethical considerations determining the flow of aid? Second, what is actually the status of aid granting in the world today? Can we, then, trace or develop a systematic moral case for aid granting? This would essentially entail an enquiry into the motives and effects of aid. Taking into consideration that economics deals, in the final analysis, with the real world and real human beings, it would be difficult to assume that human sentiments, greediness, self‐interest and global consciousness and responsibility are neutral elements in determining one's economic behavior. In this particular case, that is aid, it seems reasonable to talk of a number of considerations governing its motives. Put differently then, one needs to enquire the issue at two levels: