BAKU, Azerbaijan, June 27. The Asian Development Bank (ADB) has allocated $1.1 million for a new project to develop inclusive and sustainable social protection systems in the countries of Asia and the Pacific region, Trend reports.
According to ADB, the implementation of projects will be in the following countries: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Bangladesh, Bhutan, Cambodia, Fiji, Georgia, Indonesia, China, Philippines, Pakistan, Mongolia, Nepal, Papua New Guinea, Sri Lanka, etc.
This technical assistance (TA) will help develop inclusive and resilient social protection systems in Asia and the Pacific region by strengthening social protection systems and policies, developing resilient and integrated solutions that can amplify development impacts and support inclusion, and providing catalytic support to develop inclusive and resilient social protection projects,” the ADB said.
“The TA will help the ADB developing member countries design and expand social protection measures through capacity building, knowledge generation, and support for project development,” the bank noted.
The ADB also notes that social protection is one of the most effective measures to reduce poverty and inequality and promote inclusive development.
“Many social protection systems in Asia and the Pacific still have limited coverage, expenditure, range of programs, and ability to deal effectively with the impacts of crises and shocks (health, financial, and disaster). ADB's Social Protection Indicator (SPI) estimates that about 53.5 percent of social protection's target population in the region is covered by at least one social protection benefit,” the ADB added.
“Expenditure is growing - largely the result of the expansion in social insurance that primarily benefits workers in the formal sector - but is still low (about 5.5 percent of the gross domestic product). Investment in key areas, such as labor market programs, remains inadequate,” the bank said.
