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As GPE Submit opens, Bridge Liberia MD Explains Why It Is Right To Look Beyond Spending
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UAE pledges Dh367 million to support education of women, girls around the world
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GG Gbovadeh Gbilia-MD Bridge Liberia
The Global Partnership for Education (GPE) Financing Summit taking place on July 28th and 29th will focus a spotlight on the gap in education funding around the world.
The GPE’s own estimate is that the annual gap between what is spent now and what needs to be spent to achieve quality education for all stands at nearly $200 billion, a difference made bigger by the devastating impact of the Covid-19 pandemic on countries’ economies.
So, admirable as the goal of raising at least $5 billion over five years in donor pledges to spend on global education may be, the solution to the lack of investment in education will not come from aid. Countries are predominantly going to have to find ways of helping themselves; and quickly. Domestic financing constitutes the lion’s share of resources to education in GPE partner countries: more than two-thirds of education resources from domestic public expenditure.
Why The GPE Summit Is About Much More Than Donor Money
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The Presidency has denied reports that the African Finance Summit which President Muhammadu Buhari travelled to attend has been postponed.
Recall that Buhari departed Abuja, Nigeria for France on Sunday to attend the summit hosted by President Emmanuel Macron.
The summit hopes to review the African economy, following shocks from the COVID-19 pandemic and getting relief, especially from the increased debt burden placed on countries by the outbreak.
Buhari and some Heads of Government will collectively, discuss external funding and debt treatment for Africa and private sector reforms.
However, a report had claimed that the Africa-France summit, was postponed to October due to travel constraints linked to COVID-19.