World Leaders have in a letter called for debt suspension and the funds generated be reallocated to sustainable development goal 4 (SDG4) which is “Ensure inclusive and equitable education and promote lifelong learning opportunities for all”. This was stated in a letter addressed to the G20, the International Monetary Fund (IMF), World Bank, regional development banks and all countries to recognise the scale of the crisis and support three initiatives to enable catch-up to happen, and progress towards SDG4 to be resumed.
The first initiative they requested is that every country should pledge to protect front line education spending, prioritising the needs of the most disadvantaged children through where possible, conditional and unconditional cash transfers to promote school participation. Secondly, the international community must increase aid for education, focusing on the most vulnerable, including the poor, girls, children in conflict situations and the disabled. The quickest way to free up resources for education is through debt relief.
“The 76 poorest countries have to pay $86 billion in debt-service costs over the next two years. We call for debt suspension with a requirement that the money for debt servicing be reallocated to education and other priority investments for children.” Lastly, the IMF they say should issue $1.2 trillion in Special Drawing Rights (its global reserve asset) and its membership should agree to channel these resources toward the countries that need them most, creating a platform for recovery.
In addition, the World Bank they said should unlock more support for low income countries through a supplementary International Development Association budget, and, following the lead of the UK and Netherlands which have now pledged $650 million to the new International Finance Facility for Education (IFFEd) to help unlock billions in extra finance for education in lower middle income countries, invite guarantees and grants from donors.
This they wrote is in addition to – and compliments – over the next 2 years the replenishment of GPE (Global Partnership for Education) and scaled up investment in ECW (Education Cannot Wait) and continued support for the UN agencies focused on education and children led by UNESCO and UNICEF. “We call on private sector corporations and foundations to make support for global education a greater priority. Sustainable human development can only be built upon a foundation of quality education.”
While the challenges are momentous, the Leaders stressed that the impact of the crisis on children has made them even more determined to realise our ambition contained in SDG 4, that ours can be the first generation in history in which every child is at school and has the chance to develop their potential to the full. “Now is the time for national governments and the international community to come together to give children and young people the opportunities they deserve and to which they are entitled.”
By Zainab Iyamide Joaque