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Add to Preferred SourcesWith the World Bank announcing an ambitious new target to reduce learning poverty, countries will need to mobilize more funding and find ways to use it more efficiently, equitably, and effectively.
To support such efforts, the Bank has launched a Global Platform for Education Finance aimed at helping governments strengthen their education financing systems and ultimately improve their learning outcomes.
Last month, ministers and senior officials from over 10 countries joined representatives from the Bank and partner organizations for the launch of the Education Finance Platform. Participants discussed education financing challenges, from funding shortages to fiscally unsustainable policies to misused resources–and the role the Platform can play in tackling them.
Annette Dixon, World Bank Vice President for Human Development, said the Platform is the outcome of discussions with governments on financing plans aimed at improving learning outcomes. “We know that developing countries need to make more and better investments to improve their learning outcomes,” she said.
Established in consultation with the International Monetary Fund (IMF), UNESCO, the Education Commission, the Global Partnership for Education, and the Organisation for Economic Co-operation and Development (OECD), the Education Finance Platform seeks to create tools, build an evidence base, and provide technical support to ensure that education systems are adequately funded and funds used equitably and efficiently. It will mobilize experts, including in fiscal policy and financial management, to work with education and finance ministries in low- and middle-income countries.
Education Finance Platform will organize around four pillars: matching sustainable financing to needs; improving efficiency, equity, and financial management; strengthening accountability with better data and monitoring; and building capacity and knowledge.
Original source: World Bank
Published on 12 November 2019