Juliet Jacob Ochenje
The Bill and Melinda Gates Foundation has approved its largest annual budget to date, totaling $8.6 billion for 2024, a significant increase over the previous year.
This budget represents a 4% increase over last year and a $2 billion increase over the 2021 budget. The decision comes as global contributions to health in the lowest-income countries are stalling.
Sub-Saharan African countries saw a nearly 8% decline in aid in 2022, despite facing growing needs and shrinking budgets due to debt and other financial pressures. In response, the foundation has committed to increasing its annual spending to $9 billion by 2026.
In a statement on Monday, Gates Foundation CEO, Mark Suzman, emphasised the importance of addressing global health challenges, stating, “We can’t talk about the future of humanity without talking about the future of health.”
He highlighted the progress made in cutting child deaths and reducing cases of malaria, HIV, and wild polio, attributing these achievements to support from the foundation.
The statement also noted that with proper funding, innovations in the R&D pipeline could help cut maternal deaths by 40% in the lowest-income countries by the end of the decade and further reduce preventable child deaths.
Melinda French Gates, co-chair of the Gates Foundation, stressed the importance of investing in global health, stating, “An investment in global health is an investment in our future.”
She urged a recommitment to saving lives and improving livelihoods, particularly in low-income countries facing numerous challenges.
The increased budget allocation reflects the foundation’s dedication to addressing global health disparities and supporting innovative solutions to improve health outcomes worldwide
