This proposal seeks to advance a dedicated international financing mechanism to close the chronic coverage and financing gaps in low-income countries. Its design builds on existing structures such as the ILO’s Flagship Programme on Building Social Protection for All, USP2030, and the UN Multi-Partner Trust Fund Office, ensuring coordination rather than duplication. The GFSP would provide predictable multiyear financing through multiple sources, including increased official development assistance (ODA), debt-for-social protection swaps, Special Drawing Rights from the IMF reallocated according to need, and solidarity levies (raised on financial transactions, international transport, fossil fuels, and carbon pricing). The goal would be to enable all countries, starting with LICs, to establish social protection floors covering children, persons with disabilities, mothers of newborns, older persons, and all persons of active age who are unable to earn a sufficient income, alongside essential healthcare for all, in line with the commitments made in ILO Recommendation No. 202 (2012).
