That is a good question. Ultimately, I value foreign aid if it is correctly distributed, because there are so many suffering people in the world, for example over a billion living on less than $1 dollar a day.
However, you are right in that a lot of aid to foreign governments (in particular) is put in the pockets of corrupt individuals, or is spent on arms. I think the rationale is that by funding the Pakistani military it means their soldiers get to die and fight, and there is less fighting over in Afghanistan as a result. But yeah, I would definitely stop funding to a lot of governments and take a more peaceful, non-interfering role in the world.
I would like to see more money given, but specifically and cleverly targeted. Ultimately, I'd like to see an operation like in Iraq, where all the trumpets and the urgency and the big talk is coming, but with Chinooks and aircraft carriers going out to places of famine to save 100,000's of thousands of lives.