Financialization will not improve global health

For the past half-century, the economics of global health were straightforward. Rich countries gave grants to poor countries, which used the funds to meet their populations’ health needs. Success was measured in services provided or lives saved, rather than balance sheets balanced. While this model was far from perfect, the approach that is now replacing it — focused on using tools like guarantees and blended finance to crowd in private capital — threatens to produce even worse outcomes. There are legitimate criticisms of the grant-based approach.

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