Security for the vulnerable critical to reviving economies in Asia
18 May 2009
Colombo, Sri Lanka - “Asia faces an uncertain future. The 1997 financial crisis was due to bad management by some Asian countries. The current economic crisis is due to irresponsibility of others. Nonetheless, Asian governments have to cope with the shock.
Insurance and credit are vital to protect the poor and the Colombo Conference will help transmit this message across Asia,” said Omar Noman, Head of the UNDP Regional Centre for Asia Pacific in
Inclusive finance is an important tool for expanding choices for the vulnerable. It can help these sections to meet their basic financial needs, manage risks they face, save for the future, and contribute to sustainable social and economic development. Despite the achievements of financial inclusion programmes worldwide, there is still widespread financial “exclusion” in the Asia Pacific region.
For people living in extreme circumstances, gaining access to a diverse range of financial products and services can directly provide the tools to protect, diversify, and increase their sources of income, thereby expanding their economic choices and opportunities. Financial instruments hold the key for reconstruction efforts in countries recovering from crises and conflicts such as
Source:UNDP
