The Bill & Melinda Gates Foundation says it will spend $8.3 billion to fight poverty, disease, and inequity in 2023.

This is contained in a statement signed by the foundation CEO, Mark Suzman, on Tuesday in Lagos.

Mr Suzman said the budget was the largest in the foundation’s history and a response to multiple crises threatening to stall or reverse global progress on the Sustainable Development Goals since the COVID-19 pandemic.

He listed the crises as war, economic turmoil, climate-related disasters, and large decreases in vaccinations for preventable infectious diseases.

Mr Suzman added that all these issues had 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 $9 billion by 2026 and represents a 15 per cent increase over the 2022 forecasted payout,” explained the foundation’s boss. “This is the toughest period for global health and development in recent memory, but in some ways, it’s also the reason we exist.”

He stressed that 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.”

Mr Suzman said people in low-and middle-income countries, especially women and girls, are facing the severe consequences of intersecting global crises.

He, however, said the world had failed to step up with the necessary political will and resources to respond.

(NAN)