MANILA, Feb. 13 (Xinhua) -- Many developing countries in the Asia-Pacific region still face "considerable challenges," particularly in creating the sustainable financing needed for the local welfare programs, says a new study by the Asian Development Bank (ADB) released on Wednesday.

Such financing is the bedrock for the success of the social protection agendas of both the United Nations (UN) Sustainable Development Goals (SDGs) under the 2030 Agenda for Sustainable Development, and of ADB's Strategy 2030.

But the new study, Asia's Fiscal Challenge: Financing the Social Protection Agenda of the SDGs, says these Asia-Pacific countries have a good chance of achieving the social protection agenda under the SDGs if the right fiscal reforms and policies are in place.

The social protection agenda under the SDGs has four dimensions - the provision of cash transfers for income security, health services, education services, and other essential goods and services.

The report recommends governments, civil society, and other development partners to immediately start long-term fiscal and financial planning for implementing the social protection agenda.