Indebtedness contributes to vulnerability in SL – UNDP report
While the economic crisis has affected many lives in Sri Lanka, indebtedness has significantly contributed to vulnerability in the country, according to the UNDP’s policy report on ‘the Multidimensional Vulnerability Index (MVI)’. The report was launched on Friday at the BMICH in Colombo.
UNDP Sri Lanka, Resident Representative, Azusa Kubota at the launch stated that the 2022-2023 survey was done among 25,000 citizens across the country. “This is the first time an MVI survey was conducted in Sri Lanka and the outcome is so much so that policy and decision makers must dive deep into the real issues people in this country go through,” noted Ms. Kubota. As the budget 2024 will be presented in the parliament soon, the government must consider some of the recommendations of the report, and address issues that vulnerable societies are struggling with, she added.
Oxford Poverty and Human Development Initiative Director, Dr. Sabina Alkire, a co-author of the report highlighted, “The report identifies three dimensions of vulnerability as education, health and disaster and living standards. There are 12 indicators under the three dimensions where indebtedness is the biggest contributor to vulnerability among the rural community in Sri Lanka. Lack of education and ability to adapt to disasters are other factors that make most people feel vulnerable.”
Dr. Sabina stressed that Sri Lanka is vulnerable to climate change and more disasters are yet to come. “All ministries in the country must work together and that is why you have the MVI. The business sector must also engage in the MVI whereas public policies and state interventions can reduce the vulnerability.” Every district has its own vulnerable aspects, she added.
The national results of the MVI indicate that the key factors that impact vulnerability include, household indebtedness largely due to pawning items to purchase essential goods, years of schooling, disaggregated by gender and adaptive capacity to disasters. Additionally, working in informal jobs also makes individuals more vulnerable.
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