Public Disclosure Copy The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) EAST ASIA AND PACIFIC | Marshall Islands | Social, Urban, Rural and Resilience Global Practice Global Practice | IBRD/IDA | Investment Project Financing | FY 2015 | Seq No: 8 | ARCHIVED on 07-Aug-2018 | ISR33704 | Implementing Agencies: Republic of the Marshall Islands, Ministry of Finance Key Dates Key Project Dates Bank Approval Date:19-Jun-2015 Effectiveness Date:15-Oct-2015 Planned Mid Term Review Date:31-Oct-2018 Actual Mid-Term Review Date:-- Original Closing Date:30-Nov-2020 Revised Closing Date:30-Nov-2020 Project Development Objectives Project Development Objective (from Project Appraisal Document) To strengthen the financial protection of the Republic of Marshall Islands. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Component 1: Strengthening Early Warning and Preparedness Component 2: Risk Reduction and Resilient Investments Component 3: Disaster Risk Financing:(Cost $1.50 M) Component 4: Project and Program Management Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Satisfactory  Satisfactory Overall Implementation Progress (IP)  Satisfactory  Satisfactory Overall Risk Rating  Moderate  Moderate 8/7/2018 Page 1 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) Implementation Status and Key Decisions Progress towards achieving the development objective and implementation progress have both been rated Satisfactory since November 2015, and the PDO is expected to be achieved. While no covered (insured) event has taken place in RMI, under the pilot Pacific Catastrophe Risk Assessment and Financing Initiative, Vanuatu received a payment after Tropical Cyclone Pam in 2015, and Tonga (under the Pacific Resilience Program) received a payment after Tropical Cyclone Gita (2018), both within one month of the respective insured disasters (the PDO-level indicator for the Program is that “Participating PICs have received payment within a month of the occurrence of a covered (insured) event”). The regional catastrophe insurance pool has achieved premiums lower than the simulated price for a comparable coverage purchased individually in the market. The project is in compliance with the legal covenants, fiduciary and safeguard policies. There are currently no overdue audit reports. Prior to the October 2017 restructure, the previous arrangements for the flow of funds did not require audits, so there are no audits to date. Following the restructure audits are now required, and the first audit following the restructure for the year ended 30 September 2018 is not due until 31 May 2019. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating 8/7/2018 Page 2 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) Political and Governance  Moderate  Moderate  Moderate Macroeconomic  Moderate  Moderate  Moderate Sector Strategies and Policies  Substantial  Moderate  Moderate Technical Design of Project or Program  Low  Low  Low Institutional Capacity for Implementation and Sustainability  Substantial  Moderate  Substantial Fiduciary  Substantial  Moderate  Moderate Environment and Social  Low  Low  Low Stakeholders  Moderate  Moderate  Moderate Other  Substantial  Moderate  Moderate Overall  Substantial  Moderate  Moderate Results Project Development Objective Indicators PHINDPDOTBL  Participating PICs have received payment within a month of the occurrence of a covered (insured) event. (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 100.00 100.00 Date 19-Jun-2015 17-Jul-2018 18-Jul-2018 31-Oct-2023 Comments On February 12, 2018 Tropical Cyclone Gita made landfall in Tonga with Category 4 winds. The event resulted in a US$3.5 million payout, the maximum amount on Tonga’s parametric insurance policy against cyclones. The government received the transfer within seven days of the event, fully achieving this indicator for the Program as a whole. Overall Comments Intermediate Results Indicators 8/7/2018 Page 3 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) PHINDIRITBL  The premiums are lower than the simulated price for a comparable coverage purchased individually in the market. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 06-Aug-2015 17-Jul-2018 17-Jul-2018 31-Oct-2023 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P155257 IDA-D0790 Effective USD 1.50 1.50 0.00 1.50 0.03 98% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P155257 IDA-D0790 Effective 19-Jun-2015 24-Jul-2015 15-Oct-2015 30-Nov-2020 30-Nov-2020 Cumulative Disbursements 8/7/2018 Page 4 of 5 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) Restructuring History Level 2 Approved on 05-Oct-2017 Related Project(s) P166974-ADDITIONAL FINANCING FOR THE PACIFIC RESILIENCE PROJECT UNDER THE PACIFIC RESILIENCE PROGRAM 8/7/2018 Page 5 of 5 Public Disclosure Copy