According to a new ILO report, developing countries need to invest $ 1.2 trillion to ensure minimum social protection.
Since the emergence of the COVID-19 pandemic, the social protection financing gap has widened by nearly 30% as a result of the increased financing needs for health and safety services for those who lost their jobs during the general quarantine and because of the decline in GDP due to the crisis.
Before the COVID-19 crisis, the international community had failed to respect the political and legal obligations in the field of social protection that were made during the 2008 financial crisis, the last crisis that affected the entire world.
In the context of the aforementioned report, Shahrshub Razavi, Director of the Social Protection Department at the ILO, said that “bridging the annual financial gap will require funds from abroad and a large dependence on international solidarity”.
It is noteworthy that only 45 % of the world’s population is concretely covered by at least one social protection benefit, while the rest of the population, more than 4 billion people, are not protected.
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