For many years, aid to education actually fell. In May 2018, the UN revealed that it increased in the latest statistics (2016) to $13.4 billion – the highest figure since records began in 2002. But there is still a long way to go before education is fully funded.
There is currently a big funding gap to achieve Sustainable Development Goal 4.
Governments in countries where children are out of school or not receiving a quality education should be investing the recommended 6% of Gross Domestic Product on education and spend it effectively on pre-primary through to secondary education for all children.
Governments should also improve their tax collection systems (including through addressing tax avoidance alongside wider tax reforms)and dedicate more of this increased revenue to education.
Donor governments should be investing Overseas Development Assistance (aid) in funding for global education as there are many countries that will not be able to generate the funding necessary to get every child in school, especially the poorest or those hardest hit by conflict and humanitarian disasters.
It’s recommended that donor governments spend 0.7% of GDP on aid and invest 15% of their aid in education. To be more effective, a larger share of this increasing amount should be spent multilaterally through the Global Partnership for Education, Education Cannot Wait fund for education in emergencies, UNICEF, UNRWA and other agencies
Even if the above targets are fully met, there will still be a funding gap for global education. Bridging this gap requires an innovative solution.
It is widely recommended that donor governments work with the World Bank and Regional Development Banks to establish the International Finance Facility for Education (IFFEd) which could generate an additional $10 billion in funding for global education.
In March 2017, a group of major charities and organisations – led by Theirworld – called on the G20 summit in Hamburg, Germany, in July to help launch a new way of funding education.
At the G20 Hamburg summit in 2017, world leaders committed themselves to advancing IFFEd during Argentina’s presidency in 2018. After 10 years of declining funding for education, the G20 signalled action in its Leaders’ Declaration at the end of the summit.
It said: “We note the UN Secretary-General’s proposal to establish an International Financing Facility for Education taking into account other existing initiatives, such as the Global Partnership for Education and Education Cannot Wait, and look forward to examining it in further detail under Argentina’s Presidency with a view to making recommendations on it.”