Gates Foundation budgets US$8.3 billion to fight poverty, disease in 2023

The Bill & Melinda Gates Foundation, established by the former world’s richest man Bill Gates and his wife, Melinda to fight poverty, disease, and inequity in developing countries and other parts of the world has announced a huge budget for the new year.

According to the foundation’s Chief Executive Officer (CEO), Mark Suzman, the non-governmental organisation has budgeted US$8.3 billion to carry out its humanitarian activities around the world in the year 2023.

This was made known in the CEO’s published annual letter distributed on Tuesday by the African Media Agency (AMA) on behalf of the organisation.

The letter said the decision to draw what has come to be the largest budget in the history of the organisation was to frontally tackle the multiple crises that threaten to reverse global progress on the Sustainable Development Goals since the start of the COVID-19 pandemic.

The crises 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, representing a 15% increase over the 2022 forecasted payout, the letter revealed.

AMA quotes Suzman as saying: “This is the toughest period for global health and development in recent memory, but in some ways, it’s also the reason we exist.”

“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.”

AMA reminds us that people in low and middle income countries, particularly women and girls, are facing the severe consequences of intersecting global crises which the world is yet to address with the necessary political will.

The foundation’s big bets, according to Suzman have reflected on its unique philanthropic role, particularly in times of crisis.

It also seeks to ensure that all categories of decision makers, “be they 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.”