The Social Security Investment Fund (SSIF) and the United Nations Development Programme (UNDP) have launched a virtual conversation series under the title "Pension Funds: Investing in Resilience" with the participation of global and regional pension funds.

Prime Minister and Minister of Defence Omar Razzaz said in his keynote address that the coronavirus pandemic has "proved that the world should reaffirm priorities in a manner where human beings and their welfare come first”.

Prior to the current global crisis, Razzaz said that Jordan was among the first countries to target socioeconomic goals.

"Despite its limited resources and the fact that 36 per cent of its population are refugees that add a strain on the country’s economy, Jordan has considerable achievements in the areas of poverty eradication, healthcare, primary education, environmental sustainability and social security protection,” added Razzaz.

Referring to His Majesty King Abdullah’s address to the UN General Assembly meeting last week, Razzaz said that everyone should "acknowledge the power of working together as no one can stand alone”.

The prime minister also urged pension funds to "seize the opportunity to maximise sustainable local and global welfare by unleashing human talent and creativity, protecting the most vulnerable, and creating systems of local and global solidarity”.

SSIF CEO Kholoud Saqqaf said that hosting this event in partnership with the UNDP Jordan aims at "providing a collaborative platform for exchanging ideas with international pension funds experts on how to address the imperatives facing the pension fund during these difficult times”.

Saqqaf also presented SSIF’s experience in managing its various investments and its "special interventions in response to the repercussions of COVID-19 pandemic".

She noted that the fund’s strategy for the years 2019-2021 targets sectors that have "a direct impact on people's lives in terms of fulfilling their basic needs and providing better services, among which is infrastructure, agriculture, education, healthcare and pharmaceuticals”.

The SSIF CEO pointed out that the fund’s "well-diversified portfolio has mitigated the negative impact of the unprecedented challenges that COVID-19 has on the economy”.

The SSIF has taken early measures to provide the necessary liquidity to the Social Security Corporation to "introduce a number of new schemes that aim at enhancing job stability and private sector sustainability in response to the economic crisis triggered by the pandemic,” Saqqaf added.

Resident Representative of UNDP Jordan Sara Ferrer Olivella said that "it is now more than any time before that we all need to be rethinking how capital can be deployed in ways which contribute to more inclusive economic growth”.

"This event is very timely following His Majesty King Abdullah remarks at the World Economic Forum’s Sustainable Development Impact Summit last week during which His Majesty emphasised the importance of sustainable development as the path to a more integrated, just and resilient world,” Olivella added.

The worldwide disruption experienced as a result of the COVID-19 pandemic has highlighted that business as usual is no longer an option, the UNPD resident representative added.

"Achieving the Sustainable Development Goals requires a step-change in the way capital is deployed to drive transformation towards more inclusive economic growth. The pandemic has made more evident the pressing need for investment practices that not only achieve financial returns, but that look to generate positive impact on society and the environment,” she added.

She also added that with 10 speakers from seven countries, there is a "stellar lineup” of speakers from global pension funds which are "spearheading the sustainable investing movement".

This online event is set to engage pension and investment funds from Denmark, Sweden, the Netherlands, Norway, Canada and Kenya, decision-makers and Arab pension funds, and the public and private sector representatives from Jordan and Arab states.

The first session attended by The Jordan Times highlighted that pension funds are currently "under significant pressure" due to demographic changes such as declining death rates and increased life expectancy as well as high inflation accompanied with low interest rates.

However, it was pointed out that although the COVID-19 pandemic has exacerbated this situation, "it is not the first crisis of its kind that economists and financial experts have seen”, reiterating the fact that the damage is "recoverable”.