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STORY: UN / ILO SOCIAL PROTECTION SYSTEMS
TRT:2:29
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE:24 APRIL 2024, NEW YORK CITY / FILE
FILE – NEW YORK CITY
1. Wide shot, exterior, United Nations Headquarters
24 APRIL 2024, NEW YORK CITY
2. Wide shot, press briefing room
3. SOUNDBITE (English) Umberto Cattaneo, Public Finance Economist, International Labour Organization (ILO):
“In low- and middle-income countries, the financing gap to achieve universal social protection accounts for 3.3 percent of GDP annually with 2 percent of GDP required for essential health care and 1.3 percent for the five key social protection cash benefits. In absoluter, bridging this gap across all low- and middle-income countries requires an additional 1.4 trillion US dollar.”
4. Close up, reporter asking question
5. SOUNDBITE (English) Umberto Cattaneo, Public Finance Economist, International Labour Organization (ILO):
“The global averages must significant disparities among country income groups and regions. Among country income groups, low-income countries face the largest financing gap as a proportion of GDP, amounting to 52.3 percent. Yes, when we look at all low- and middle-income countries, we have a financing gap of 3.3 percent of GDP. But when we go to low-income countries, this goes up to 52.3 percent of their GDP.”
6. Wide shot, press briefing room
7. SOUNDBITE (English) Umberto Cattaneo, Public Finance Economist, International Labour Organization (ILO):
“The regional analysis shows that Africa faces the most substantial challenge in achieving universal coverage for social potential, with the financing gap of 17.6 percent of the region's GDP per year. This is followed by low- and middle-income countries in the Arab states with the financing gap of 11.4 percent and Latin American and the Caribbean with the financing gap of 2.7 percent of the reginal GDP. Asia Pacific with the financing gap of 2 percent of GDP and European Central Asia with the lowest financing gaps across regions at 1.9 percent of the region's GDP.”
8. Wide shot, press briefing room
9. SOUNDBITE (English) Umberto Cattaneo, Public Finance Economist, International Labour Organization (ILO):
“It is internationally agreed that the main fiscal space option to close the financing gap remain domestic resource mobilization, including progressive taxation and social security contributions. Labor negotiation of sovereign debt could also unlock resources to close the financing gap and official development assistance becomes necessary, especially in the case of low-income countries where the financing gap account for 52.3 percent of GDP. However, to close this gap of 52.3 percent of GDP, we will need to actually increase official development assistance directly to low-income countries by three times and all these additional funding will need to be allocated to social protection.”
10. Wide shot, press briefing room
The International Labour Organization (ILO) released new estimates of the financing gaps to meet core commitments for social protection and explore innovative strategies to enhance financing for universal social protection systems.
ILO’s Public Finance Economist Umberto Cattaneo spoke to reporters today (24 Apr) in New York.
He said, “In low- and middle-income countries, the financing gap to achieve universal social protection accounts for 3.3 percent of GDP annually with 2 percent of GDP required for essential health care and 1.3 percent for the five key social protection cash benefits.”
“In absoluter, bridging this gap across all low- and middle-income countries requires an additional 1.4 trillion US dollar,” Cattaneo added.
The Public Finance Economist also said, “The global averages must significant disparities among country income groups and regions. Among country income groups, low-income countries face the largest financing gap as a proportion of GDP, amounting to 52.3 percent.”
He continued, “When we look at all low- and middle-income countries, we have a financing gap of 3.3 percent of GDP. But when we go to low-income countries, this goes up to 52.3 percent of their GDP.”
On the regional analysis, Cattaneo said it shows that “Africa faces the most substantial challenge in achieving universal coverage for social potential, with the financing gap of 17.6 percent of the region's GDP per year. This is followed by low- and middle-income countries in the Arab states with the financing gap of 11.4 percent and Latin American and the Caribbean with the financing gap of 2.7 percent of the reginal GDP. Asia Pacific with the financing gap of 2 percent of GDP and European Central Asia with the lowest financing gaps across regions at 1.9 percent of the region's GDP.”
The Public Finance Economist concluded, “It is internationally agreed that the main fiscal space option to close the financing gap remain domestic resource mobilization, including progressive taxation and social security contributions. Labor negotiation of sovereign debt could also unlock resources to close the financing gap and official development assistance becomes necessary, especially in the case of low-income countries where the financing gap account for 52.3 percent of GDP. However, to close this gap of 52.3 percent of GDP, we will need to actually increase official development assistance directly to low-income countries by three times and all these additional funding will need to be allocated to social protection.”
