PM Transcripts

Transcripts from the Prime Ministers of Australia

Transcript 11241

Strengthening the Safety Net in Developing Economies

Photo of Howard, John

Howard, John

Period of Service: 11/03/1996 to 03/12/2007

More information about Howard, John on The National Archive website.

Release Date: 13/09/1999

Release Type: Media Release

Transcript ID: 11241

Australia will implement a three-year, $5 million Social Protection Facility to assist APEC developing economies in East Asia cope with the Asian financial crisis.

The facility, funded through the Australian Government’s overseas aid program, will support the development of systems and safety nets to help protect children, families and communities during economic adjustments and downturns.

This initiative will give practical effect to APEC Leaders’ concern that appropriate social safety nets are needed to ease the process of economic and social adjustment and to ensure that all people can enjoy the benefits of a modern economy, especially people in developing economies.

The facility also responds to the findings of a major Australian-sponsored study for APEC on the impacts of the Asian financial crisis on children. The study found that concerted national and international action has been undertaken to protect children from the worst effects of the crisis. However, ongoing cooperation is needed to tackle long-term challenges for the provision of social services in the region.

Australia’s facility will add to a major portfolio of new activities, worth over $31 million in 1999-2000, which target persisting social impacts of the Asian financial crisis.

These measures form part of Australia’s major contribution to APEC’s broader response to the economic and social impacts of the crisis, including the $50 million Economic and Financial Management Initiative I announced last year.

Australia will continue to work with our partners in the region to achieve sustained social and economic recovery.

13 September 1999

Transcript 11241