[et_pb_section fb_built=”1″ admin_label=”!!! PLEASE DO NOT EDIT !!!” _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][et_pb_row admin_label=”!!! PLEASE DO NOT EDIT !!!” _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”TO BE EDITED – SUMMARY – Click on the WHEEL icon to open the textarea where you can paste or type your summary. The summary condenses the main points for the news that starts below. The summary is in bold and not longer than 300 characters, including spaces. The counter at the bottom can help.” _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||20px||false|false” global_colors_info=”{}”]<\/p>\n
The ILO report reveals a massive US$1.4 trillion funding gap needed for universal social protection in low- and middle-income countries, with low-income nations facing the most severe challenges.<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_text admin_label=”TO BE EDITED – TEXT OF THE NEWS – BLOCK 1 – Click on the WHEEL icon to open the textarea where you can paste or type your news. PLEASE USE ONLY THE FEATURED IMAGE FUNCTION on your right column to add the image.” _builder_version=”4.21.0″ _module_preset=”default” custom_padding=”||1em||false|false” global_colors_info=”{}”]<\/p>\n A new International Labour Organization (ILO) working paper, “Financing Gap for Universal Social Protection: Global, regional and national estimates and strategies for creating fiscal space,” reveals that low- and middle-income countries need to increase spending by an estimated US$1.4 trillion to achieve universal social protection. This amount represents 3.3% of the combined annual GDP of these countries. However, the challenge is particularly severe for low-income countries, where the financing gap equates to a staggering 52.3% of their annual GDP.<\/p>\n To ensure universal social protection, these countries must boost government spending by 10.6% of their annual expenditure, leveraging domestic resources such as taxation and social security contributions, and improving sovereign debt management. For low-income nations, closing this gap requires quadrupling their annual government expenditure, highlighting the critical need for international solidarity. The paper suggests that development assistance for these countries should more than triple and focus exclusively on social protection.<\/p>\n Regionally, Africa faces the highest financing gap at 17.6% of GDP, followed by the Arab States at 11.4%, Latin America and the Caribbean at 2.7%, Asia and the Pacific at 2.0%, and Europe and Central Asia at 1.9%. The paper underscores the importance of universal social protection in mitigating the impacts of climate change, proposing that international climate financing should support the adaptation of social protection systems in these regions. The study estimates the investment needed to provide universal coverage of essential benefits, including healthcare, for vulnerable populations across 133 low- and middle-income countries.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”TO BE EDITED – TEXT OF THE NEWS – BLOCK 2 – Click on the WHEEL icon to open the textarea where you can paste or type your news. PLEASE USE ONLY THE FEATURED IMAGE FUNCTION on your right column to add the image.” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" The ILO report reveals a massive US$1.4 trillion funding gap needed for universal social protection in low- and middle-income countries, with low-income nations facing the most severe challenges. A new International Labour Organization (ILO) working paper, “Financing Gap for Universal Social Protection: Global, regional and national estimates and strategies for creating fiscal space,” reveals that…<\/p>\n","protected":false},"author":559,"featured_media":987695677,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[],"tags":[122,3024,3046,127],"acf":[],"_links":{"self":[{"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/news\/987695656"}],"collection":[{"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/types\/news"}],"author":[{"embeddable":true,"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/users\/559"}],"replies":[{"embeddable":true,"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/comments?post=987695656"}],"version-history":[{"count":4,"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/news\/987695656\/revisions"}],"predecessor-version":[{"id":987695725,"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/news\/987695656\/revisions\/987695725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/media\/987695677"}],"wp:attachment":[{"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/media?parent=987695656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/categories?post=987695656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/p4h.world\/en\/wp-json\/wp\/v2\/tags?post=987695656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}