The Minister for Education, Heritage and Arts, Premila Kumar called for the international support for innovative financing to transform education in low- and middle-income countries.
She stressed the need to create new international financial facilities for education so that countries in need can access low-cost loans on a long term to put in action the changes needed in the education system.
Minister Kumar emphasized that "it is important to make the education sector fit for purpose for students, for employers, for the nation and for global citizenry. Education transformation should serve students of the 21st century where knowledge is becoming an important economic resource for ‘knowledge-based economies”.
She stated that any increase in tax to GDP is not likely to benefit countries with small economies. With shrinking economies and mounting debts, it is not the right time to increase taxes, as it will hurt the small economies further with the demise of MSME sector that forms the backbone of any economy.
The Minister added that debt servicing remains a major impediment to many low- and middle-income countries that borrowed heavily during COVID -19 pandemic.
Therefore, bold discussions on debt restructuring in countries in debt crises should be seriously considered. Otherwise, education that provides human capital for economic growth will be severely affected.
For Small Island Developing States, the effects of climate change on education because of frequent and more intensive cyclones and floods is a realty. Every year substantial percentage of GDP is wiped out, pushing these countries backwards.
She suggested the need to consider climate change financing to support the education sector beyond infrastructure development.
The Secretary General of the United Nations will hold the Transforming Education Summit during the UN General Assembly in September, this year. In the lead up to the Transforming Education Summit, a three-day meeting is being held in Paris from 28-30 June.
Minister Kumar was invited to give opening remarks during the session that discussed education financing.
Fiji co-chairs the thematic area on Transforming Financing for Education with Belgium.