Bill Gates Foundation announces largest ever annual budget
Bill Gates Foundation announces the largest-ever annual budget to fight against poverty, disease, and inequity around the world
Bill Gates Foundation announces the largest-ever annual budget to fight against poverty, disease, and inequity around the world.
In order to continue combating poverty, disease, and unfairness, the Bill & Melinda Gates Foundation will invest $8.3 billion in 2023, according to CEO Mark Suzman.
Gates also provided instances of how the foundation raises awareness of issues and aids in finding answers by using its tools, voice, and convening ability.
The budget, which is the largest in the foundation’s history, is a response to numerous crises that, since the beginning of the COVID-19 epidemic, have the potential to halt or reverse global progress toward Sustainable Development Goals.
These include war, economic turmoil, climate-related disasters, and large decreases in vaccinations for preventable infectious diseases, all of which have 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 US$9 billion by 2026—and represents a 15% 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,” Suzman said.
“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.”
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Even while interlocking global crises are having a significant impact on people in low- and middle-income nations, particularly women and girls, the world has so far been unable to step up with the necessary political will and resources to respond.
Suzman responded to inquiries about the scope of the foundation’s impact and its access to world leaders in his yearly letter.
He explained how the foundation catalyzes and pushes for solutions, brings different perspectives to decision-making tables, and fills market gaps using examples from the foundation’s work on climate adaptation, malaria, and U.S. education.
He also discussed the role the foundation plays in setting global health and development priorities.
“The foundation doesn’t set the world’s agenda—we respond to it,” Suzman said, referencing the United Nations’ Sustainable Development Goals.
Highlighting areas where the foundation makes big bets, Suzman reflected on the unique role of philanthropic capital, particularly in times of crisis.
From improving vaccination rates to advancing women’s economic power, the foundation uses its funds, expertise, relationships, and voice where it can make the biggest impact measured in lives saved and opportunities created for all to reach their full potential.
“Our role is to ensure that decision-makers—be the school board members or cassava growers or health ministers—have the best possible options to choose from and the best possible data to inform their decisions,” Suzman said. “And where there’s a solution that can improve livelihoods and save lives, we’ll advocate persistently for it.”
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