Estimating the Financing Required to Fulfill the Education Targets Set by Sustainable Development Goals (SDGs): A Sample Study of Punjab, Pakistan
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The report of United Nations Development Programme (UNDP) regarding the progress made in achieving the Millennium Development Goals (MDGs) by Punjab, Pakistan claimed that the province veered in its journey to achieve the universal primary education targets. Past evidence showed that the shortage of funds was one among several reasons due to which school education targets of MDGs were not met. Countries all over the world have now signed up for another set of comprehensive Sustainable Development Goals (SDGs), which need to be achieved by 2030. At present, in Punjab, no attempt has been made to meet the targets set by SDGs. This study attempted to determine how much public spending is required to meet a subset of basic education goals, namely the completion of high-quality pre-primary, primary, and lower secondary education. This study only evaluated public spending on school education in Punjab. For this purpose, data was taken for the period 2008-2019. Based on the results, we must increase our education spending on school education by at least 10% in real terms, annually. Furthermore, if the recent trend of spending on school education continues, the rise in spending will only be 5% in real terms, due to which we will not be able to achieve school education-related SDGs in Punjab, Pakistan. At this time, the best thing that the government can do to stimulate progress in school education targets of SDGs is to provide the amount of resources especially when the race towards the attainment of the SDGs is on in all developing and developed countries.
Keywords: expected years of schooling, financial requirements, linear regression, school education, Sustainable Development Goals (SDGs)
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