World Bank's funding for social safety net reaches new high

BY    2013-04-21 13:20:33

  WASHINGTON, April 19 (Xinhua) -- The World Bank announced Friday that its financing for social safety net programs in low-income countries has reached a record high.

  The Washington-based institution said in a statement that support for building safety nets from the International Development Association, the bank's fund for the poorest countries, reached 769 million dollars in the last fiscal year, which ended in June 2012.

  "Every year, safety nets in developing countries lift over 50 million people from absolute poverty," said Keith Hansen, the bank's acting vice president.

  "The bank is committed to helping countries build effective and affordable safety net systems needed to end poverty, build shared prosperity, and protect access to health, education, and other basic social services," he added.

  At least 60 percent of people in developing countries and nearly 80 percent in the poorest countries currently lack effective social safety net coverage to protect them against sudden shocks and chronic poverty, according to the statement.

Related News