Economy Desk: The Asian Development Bank (ADB) is providing loan assistance to the social security sector of Bangladesh. They have signed an agreement with the government for this purpose. According to a press release, this loan agreement of 250 million dollars is aimed at helping the vulnerable population overcome socio-economic challenges and improving the social security system of Bangladesh.
The agreement was signed at the Department of Internal Resources of the Ministry of Finance. The agreement was signed on behalf of the Bangladesh government by the Secretary of the Department of Economic Resources, Shahriar Quader Siddiqui, and on behalf of the ADB, the country head of the organization, Edmon Ginting, signed the agreement.
According to the press release, the prevention and protection capacity of the country’s social security program will be increased through this new program of the ADB. The new program will play a supportive role in the second phase of the National Social Security Program (2021–26).
According to the notification, a verification system will be introduced to ensure that those who are supposed to receive the cash assistance program do not get it instead. The two existing cash-based programs for disabled people will be merged to enhance the efficiency of the social security program. In addition to identifying who is most vulnerable to climate change, increasing the resilience of target populations, and taking specific measures to address their specific needs,.
The loan program also aims to increase the number of beneficiaries under the widow benefit program and expand the livelihood program for transgender people. The notification also informed us that the allocation of Bangladesh Bank’s Small Enterprise Refinancing Scheme for women entrepreneurs is being doubled to increase the scope of the refinancing program for women entrepreneurs.
It is also said that a tripartite alliance will be formed to ensure the social security of the workers, consisting of labor unions, employers, and the government. Its objective is to ensure the social welfare of workers by ensuring a tripartite partnership.
