Managing Director of the International Monetary Fund , Christine Lagarde, has said that investment in social insurance was a key to achieving a stronger global economy, saying societies across the world must begin by strengthening social programmes.
The social investment she said includes social insurance and social assistance, as well as public spending on health and education, saying “social spending is not just an expense, but rather can be among the wisest of investments in the well-being of our societies. “I would argue that social spending is a core component of the social contract needed to fulfil the missions of our respective institutions.”
He said, “by mitigating the negative impact of unemployment, creating access to further education, improving labour market opportunities, and securing access to at least the core contents of the right to health, food, water and sanitation, education, housing, social security systems, you can ensure that individuals in all of society are protected from the worst impact of upheavals.