Source: http://www.imf.org.
Despite their fiscal burden, the public pension system of BRO countries are failing to provide adequate social protection. Although there is a broad consensus about the need for pension reforms, BRO countries are debuting whether to embark on systemic reforms or whether to correct the distortions in their pay-as you-go (PAYG) pension system. The paper reviews the measures taken by BRO countries during the transition period to address their pension problems and examines the options for future reform. It makes a strong case for a gradual reform approach aimed at establishing a multi-pillar system over the long run, but initially focused on implementation of "high qulity" reform of the PAYG system.