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The World Bank’s Education Portfolio for 95 Countries has Grown to $24 billion

In light of the education funding crisis facing the country, the World Bank announced that its active education funding in 95 countries currently stands at $24 billion.

The president of this group, David Malpass, said this at the 77th UN General Assembly. In his speech on “The Global Challenge to Address the Learning Crisis”, he said that the Bank’s support to countries spans the entire learning cycle.
“We have an active education portfolio of 2 billion dollars in more than 95 countries and are the largest non-funder of education in developing countries,” he said. Malpass identified a number of competing needs and challenges that many countries face, including the struggle for resources.
“We know that governments and communities struggle to prioritize resource accumulation and use in the face of severe overlapping crises. Governments face energy and food shocks, high debt burdens, currency depreciation, sharp declines in international reserves, and climate change. , and disruptions caused of COVID-19,” Malpass said.
Despite these challenges, he says, one of the best options for a better future is to invest in education today and ensure that every dollar spent on education is used to improve learning.
“Unfortunately, the latest data shows that in 2022 spending on education in low- and middle-income countries will remain below 2019 levels,” he said.
The head of the World Bank Group said the world is facing a full-scale development crisis. He said basic literacy, numeracy, and basic skills are essential to address the unprecedented global learning loss caused by prolonged school closures during the COVID-19 pandemic.
“Even before the pandemic, more than half of children in low- and middle-income countries were in learning poverty, which is the proportion of children who cannot read and understand the basic text before the age of 10. Unfortunately, this part rose to about 70 percent in 2022.
Along with the collapse of growth and investment, the world is facing a full-blown development crisis,” he said. According to the World Bank, each month of school closure resulted not only in the loss of one month of new learning but also in the loss of the previous month’s learning, a two-month setback at a critical time for basic education.
“School closures last one to two years in many countries, adding to massive learning losses worldwide and affecting countries regardless of income level.
In addition, the complete closure of preschools means that hundreds of millions of children face inadequate nutrition and a lack of early stimulation. And In some countries, dropout rates have increased, especially among young people from poor families.
Girls living in conflict-affected countries are two and a half times more likely to drop out of school, the bank said. Without decisive action, today’s students will lose 10 percent of their future average annual earnings and are likely to widen inequality.
Malpass said that global data showed that poorer children suffered significantly more. “These shocking statistics highlight the need to ensure basic education for all children today.
We know that digital education, scientific knowledge, critical thinking, and communication skills are essential, but hundreds of millions of children are lacking at a critical time,” he said. “There are four steps necessary to restore these losses and accelerate learning.
First, states must keep schools open and increase the number of lessons per week. Second, it is important to match instruction precisely to the student’s learning level and instructional needs, not where they left off.
Third, a focus on basic learning is crucial – literacy, numeracy, and basic study skills would help teachers and students focus their efforts more effectively. And fourth, recovery from the learning crisis requires funding to support it,” he stated.

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