ADB: Developing Asia Pacific countries face financial challenges for social security

Illustrative image (Source: Internet)

Many developing countries in the Asia-Pacific region still face "considerable challenges," especially in creating the sustainable financing needed for the local welfare programmes.

This is stated in a new study by the Asian Development Bank (ADB), which was released on February 13. 

Under the 2030 Agenda for Sustainable Development, and of ADB's Strategy 2030, such financing is the bedrock for the success of the social protection programmes towards UN Sustainable Development Goals (SDGs).

The new study, titled “Asia’s Fiscal Challenge: Financing the Social Protection Agenda of the SDGs”, Asia-Pacific countries have a good chance of achieving the social protection agenda under the SDGs if they have right fiscal reforms and policies.

The study recommends governments, civil society, and other development partners to immediately start long-term budget and financial planning for implementing the social protection programme./.

VNA