Dominican Republic, Chile and multilateral organizations highlighted education as a catalytic investment for the region's sustainable future
NEW YORK, 25 September 2024 – On the sidelines of the 79th session of the United Nations General Assembly and the Summit of the Future, the governments of the Dominican Republic and Chile, together with multilateral organizations, made an urgent call to increase financing for education in Latin America and the Caribbean.
The call to action, supported by UNICEF, UNESCO, ECLAC, the Inter-American Development Bank (IDB), the World Bank, the Development Bank of Latin America and the Caribbean (CAF), the Organization of Ibero-American States (OEI), the Latin American Campaign for the Right to Education (CLADE), and the Varkey Foundation, calls on countries to invest now to achieve Sustainable Development Goal 4, which seeks to ensure inclusive, equitable and quality education.
“Education is the driver of development and the key to transforming our societies; therefore, in the Dominican Republic we are determined to make schools the centre of development and public policies, where the future of our nation is forged,” said Luis Rodolfo Abinader Corona, President of the Dominican Republic. “We invite all sectors of society to join this effort. It is a commitment we must make together to ensure that education is, essentially, the pillar of equitable and sustainable development in our region.”
Nicolás Cataldo, Minister of Education of Chile, said, “As co-chairs of the SDG 4 High-Level Steering Committee, we believe that it is essential to participate in and promote initiatives like these to amplify decisions taken at the global and regional levels related to education. Reflecting on the enabling conditions for educational processes, and above all, sustainable financing, is crucial to move from commitment to action and ultimately to achieve the SDG 4 targets.”
In Latin America and the Caribbean, 75 per cent of students in the region do not achieve basic skills in mathematics and 50 per cent in reading. The limited realization of the right to education in the region has deepened in recent years due to prolonged crises, the impact of multiple emergencies, including the COVID-19 pandemic, and persistent inequalities.
"If you want economic success, if you want jobs, if you want growth, if you want investments, make sure your education system is delivering. There is no other way, right now," said economist Jeffrey Sachs.
"Our priority is the students and ensuring that they learn. We have a serious crisis in the region, and to overcome it, it is not enough to just invest more but to invest smartly and with higher quality in teacher training, appropriate materials, and the management of the educational system. A political commitment from all actors is urgently needed, and this call to action contributes to the development and prosperity of the countries," emphasized Carlos Felipe Jaramillo, Vice President of the World Bank for Latin America and the Caribbean.
Although countries have made significant efforts to reach the agreed minimum funding for education, at least 4 per cent of GDP and 15 per cent of total public expenditure, the sustainability of funding remains a challenge and the region is lagging behind. Currently, on average, Organisation for Economic Co-operation and Development (OECD) countries invest about five times more per student than the average for Latin America and the Caribbean.
For this reason, the Dominican Republic and Chile, together with the coalition of multilateral organizations, urge all governments in the region, international cooperation, civil society and the private sector to ensure enabling conditions and adequate, sustainable, equitable and efficient financing for education. In particular to:
- Increase public investment in education, prioritizing the allocation of resources in areas where evidence shows higher returns and for students in situations of greater vulnerability.
- Enhance sustainable financing strategies for education, increasing the mobilization of resources for education through instruments such as progressive fiscal policies. In addition, complement these efforts with innovative measures such as the Global Partnership for Education (GPE) multiplier fund, debt swaps, blended financing, among others.
- Increase the share of official development assistance allocated to education, fostering long-term investments in public education systems.
- Strengthen management and information systems to plan investments and monitor the impact of financing in education, ensuring that it is sufficient, equitable, effective, efficient and transparent.
Website: www.worldbank.org/lac
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