The country joins regional pension network of the IDB

Montevideo.- TheInter-American Development Bank (IDB) on Wednesday launched a project that seeks to improve the institutional andtechnical capacity of pension institutions in Latin America and the Caribbean,the bank said in a statement.

Through the project called Pension Network in Latin Americaand the Caribbean (PLAC Red), the IDB will finance activities for pensioninstitutions in the region have access to the best practices of other countriesand the rest of the world. “This international cooperation includes courses,workshops, technical assistance consultancies government officials andinternational experts.”

"The limited coverage and insufficient implementationof social security laws pose significant challenges for Latin America and theCaribbean. Achieving universal coverage is necessary to rethink pension systemsin the region, said Solange Berstein, IDB Pension specialist, during thepresentation of the PLAC network.

The project has a budget of US$400,000 and so far haveformalized their integration into the PLAC 13 countries: Brazil, Chile,Colombia, Costa Rica, El Salvador, Haiti, Honduras, Jamaica, Mexico, Panama,Peru, Dominican Republic and Uruguay.

The presentation in the Uruguayan capital formed part ofthe annual meeting of the International Association of Pension Fund Supervisors(IDRA).