SPOTLIGHT ON FINANCING
The Health Impact Investment Platform is designed to accelerate progress towards the Sustainable Development Goals and achieve universal health coverage this decade – but to be successful it requires input from all corners A new financial platform
T here is no doubt that the Covid-19 pandemic was a cruel wake-up call for all of us about the importance of investing in strong health systems that can deliver integrated health services through a primary healthcare model of care rooted in equity and solidarity. A lthough overall health spending skyrocketed during that public health emergency, there are still challenges for many countries to ensure that the appropriate financing is channelled through their primary healthcare systems, which can help build their resilience. Increased government spending driven by the pandemic response took global health spending in 2020 to a record $9 trillion, nearly 11% of the
By Catharina Boehme, assistant director-general, External Relations and Governance, World Health Organization, and Thomas Östros, vice president, European Investment Bank
THE COST OF DEVELOPMENT However, development often comes at the price of public debt. And for some, more than others. A World of Debt, the recent report from the United Nations Conference on Trade and Development, found that African countries pay eight times the borrowing costs of the wealthiest European economies. Their interest payments alone eat up any investment they could make on education or health. This is where multilateral development banks can make a difference. They can provide concessional financing (below market rate) that is accessible to low- and middle-income countries. But they need to do more, and they need to do better. To be more efficient in addressing global challenges such as health and climate
global gross domestic product, with 63% coming from the public sector. The World Health Organization estimates that improving pandemic preparedness and working towards a safer future for all will require an additional investment of approximately $31.1 billion every year across the world, with approximately one-third required from international financing.
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Health: A Political Choice – From Fragmentation to Integration
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