Pablo Yanguas

Value for Money (VfM) sounds eminently reasonable. It represents the kind of due diligence we expect from modern liberal states: accountability to taxpayers’ demands that governments keep an eye on how public funds are spent, assurance that these funds are, in fact, employed for their stated purposes, and transparent management of public funds are all necessary for avoiding corruption and waste. In that light, VfM is not only reasonable but perhaps even morally desirable.

However, not all areas of public policy are equally amenable to the same calculations and standards of proof. When procuring bricks to build a school, for instance, we can easily compare the costs and estimates of different providers in order to choose the most economic, efficient, effective, and cost-effective option. As we move to less tangible goals, however, the simple logic of VfM begins to unravel, and at a certain point the demand for hard evidence does not necessarily lead to accountability. And, as we know, many development assistance goals are of the less tangible variety.