Universal Social Protection Critical to Tackle Poverty: World Bank

Washington: Universal Social Protection is critical to effectively protect people against poverty, prevent risks to their livelihoods and well-being, and help them access economic opportunities, according to a new World Bank report.
 
The new report, "Charting a Course Towards Universal Social Protection – Resilience, Equity, and Opportunity for All," sets out a vision for achieving universal social protection. 
 
It underscores the need for countries to build integrated social protection systems that are underpinned by an increase in national spending to help expand social protection coverage, including to informal workers. 

To generate additional fiscal space, governments will need to reduce inefficient spending and mobilize more domestic revenues alongside continued international support.
 
While the pandemic, food and fuel price inflation, and longer-term challenges such as climate change make social protection critically important, they also threaten countries’ ability to raise spending and expand the social protection programs necessary for more resilient systems.
 
"Social protection aims to promote investments in people and access to productive work, resilience to shocks and equality of opportunity," said Mamta Murthi, World Bank Vice President for Human Development, in a press release on Thursday.
 
"To reach universal social protection, governments will need to integrate services, such as social insurance, social assistance, and economic inclusion programs, ensuring all people are effectively protected throughout their lifecycle and across income levels," Murthi added.
 
Strengthening social protection systems is central to the World Bank’s mission to reduce poverty and promote shared prosperity. 
 
Between April 2020 and June 2022, the World Bank doubled its pre-COVID-19 social protection portfolio and provided more than $14 billion to 60 countries, including 16 countries affected by fragility and conflict, reaching more than one billion people worldwide. 
 
As of September 2022, the World Bank is providing $30 billion in financing to countries across regions and income levels. 
 
This includes $17 billion through IDA, the Bank’s fund for the world’s poorest countries.
 
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