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UN chief urges injecting more money into educational systems
United Nations Secretary-General António Guterres called for injecting more money into educational system as two-thirds of countries have cut their education budgets since the COVID-19 pandemic began.
Education systems around the world need “more, not less money” the UN chief told journalists on Saturday during a joint press stakeout on the Transforming Education Summit and the International Finance Facility for Education.
“Education is the building block for peaceful, prosperous, stable societies,” he stressed.
“Reducing investment virtually guarantees more serious crises further down the line”.
He argued that while wealthy countries can increase funding from domestic sources, many developing nations are being hit by the cost-of-living crisis.
“They urgently need support for education,” Guterres attested.
He then spotlighted the role of the International Finance Facility for Education (IFFEd) to get financing to lower-middle-income countries – home to 700 million children who are out of school – and to the majority of the world’s displaced and refugee children.
The UN chief told the media that the Facility is not a new fund, but a mechanism to increase the resources available to multilateral banks to provide low-cost education finance.
“In time, we expect it to grow into a $10 billion facility to educate tomorrow’s generation of young people,” he said.
“It will complement and work alongside existing tools, like the Global Partnership for Education, that provide grants and other assistance”.
“I urge all international donors and philanthropic organizations to back it,” he said.
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