Afghanistan's Missing Billions

Today's FT font color="#000000">is reporting< that aid to Afghanistan is running billions short of pledged.

Afghanistan's international backers have left the country billions short of money promised at June's Paris aid conference, according to analysis by the Afghan government.

While some $21bn (Û16.8bn, £14.8bn) in aid was officially promised by world governments at the conference, nearly a third has proved to be old money that has been "double pledged". According to a detailed study by the Afghan ministry of finance, the US double pledged $3bn, while all of the $780m promised by the -European Union had been announced previously.

Well no kidding. When a country gains a reputation as one of the most corrupt places on earth, people do become reluctant to pour more money in.

Here are some extracts from an important December 2007 report by the UN Development Program.