Gates Foundation approves $8.3bn budget to fight poverty in 2023 

The Bill and Melinda Gates Foundation(BMGF), has made known its desire to spend $8.3 billion to fight poverty, disease, and inequity in 2023.

This information was contained in a statement signed by the Chief Executive Officer(CEO) of the foundation, Mr Mark Suzman, on Tuesday, January 17th, in Lagos.

According to reports by the News Agency of Nigerian(NAN), Suzman said the budget which was earmarked for this year alone  was the largest in the foundation’s history and the funds were being made available as a response to multiple crises that threatened to stall or reverse global progress on the Sustainable Development Goals(SDGs) since COVID-19 pandemic.

He listed the crises as war, economic turmoil, climate-related disasters, and large decreases in vaccinations for preventable infectious diseases.

Suzman added that all these issues had taken a significant toll on the world’s poorest people.

“The board of trustees’ approval of the budget puts the foundation on track to meet its commitment to reach an annual payout of $9 billion by 2026 and represents a 15 per cent increase over the 2022 forecasted payout.

“This is the toughest period for global health and development in recent memory, but in some ways, it’s also the reason we exist.

“To help meet the great needs ahead, we are doubling down on our commitment to our core mission: ensuring everyone can live a healthy and productive life,” Suzman said.

Suzman said that people in low-and middle-income countries, especially women and girls, were facing the severe consequences of intersecting global crises.

He, however, said the world had failed to step up with the necessary political will and resources to respond hence the need for the foundation to contribute its own quota in making the world a better place.