19 January. Impact of the Financial Crisis on LIC Budgets
DFI has contributed a background paper for the 2010 UNESCO Education for All Global Monitoring Report, which is published today, analysing the impact of the global financial crisis on African government budgets and education spending. The paper concludes that many countries have been given more “fiscal space” to spend more to counter the effects of the crisis, which has meant that only a few have cut education spending, but that much more could be spent and financed with grants or loans, without jeopardising macroeconomic stability or debt sustainability, or creating excessive aid dependency. To access the background paper, click here, and for the overall UNESCO report, click here. The work will continue and broaden to cover all IDA-only countries and health spending, with funding from Oxfam.
