18 Oct "Underwrite the poor like we underwrote the banks" – Proposal for a Global Fund for Social Protection
This week, at the 39th Session of the UN’s Committee on World Food Security, Olivier De Schutter made an appeal for countries to support a Global Fund for Social Protection to help ensure social protection. Read the brief here. To read the High Level Panel of Experts on Social Protection and Food Security, click here.
The creation of a Global Fund for Social Protection (GFSP) is to be housed under existing international agencies such as the World Bank or established as an independent body, and funded by donations from developed countries.
The dual functions of the GFSP would be to:
(a) close the funding shortfall for putting in place a social protection floor in least developed countries (LDCS); and
(b)help underwrite these schemes against the risks of excess demand triggered by major shocks by(i) advising LDCs on suitable private reinsurance options, (ii)subsidising premiums where necessary, and/or (iii) acting as the reinsurer of last resort in cases where private schemes are not extensive or affordable enough.
The idea of a Global Fund for Social Protection is being advanced by two UN experts:
- Olivier De Schutter was appointed the Special Rapporteur on the right to food in May 2008 by the United Nations Human Rights Council. He is independent from any government or organization. For more information on the mandate and work of the Special Rapporteur, visit: http://www2.ohchr.org/english/issues/food/index.htm orwww.srfood.org.
- Magdalena Sepúlveda was appointed the Special Rapporteur on extreme poverty and human rights in May 2008 by the United Nations Human Rights Council. She is independent from any government or organization. For more information, visit:http://www2.ohchr.org/english/issues/food/index.htm