It is in our country's best interest to have countries in need of assistance coming to the US for that assistance, rather than going to another country that presents a danger to the US - such as Russia or China. We want those countries in our debt, not our potential enemies. We went through this already when the Russians funded revolutions in Central and South America, and when China bought the Panama Canal because we refused to fund it anymore. If China becomes a belligerent to the US, they could close the Panama Canal, militarize it, and we would either have to go to war to gain access to it or all of our ships would have to go around the horn of South America just to go between the Atlantic and Pacific oceans.
I would agree that we need to have tighter strings attached to our aid, but I could never agree to cutting it off, or reducing it to the point that our potential advisories rise up to fill that void.