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360° Resilience : A Guide to Prepare the Caribbean for a New Generation of Shocks – Disaster Risk Financing in the Caribbean Region : Framework and Assessments (Inglês)

The Caribbean disaster risk financing (DRF) framework of the World Bank has been collaboratively designed in partnerships with Caribbean Governments and local and international stakeholders. The framework helps consolidate and preserve physical disaster risk reduction measures in countries by limiting the residual fiscal impacts, caused by the materialization of public contingent liabilities in the wake of a disaster. This framework is built around best international practices and experiences drawn from other regions, but tailored to Caribbean countries’ specific risk profiles, needs, and country priorities. A comprehensive DRF strategy helps alleviate the financial burden of disaster response and, ultimately, ensure the sustainability of public finances. A first step in devising a comprehensive DRF strategy is better understanding what is at risk on the side of the government, and therefore quantifying the levels of contingent liabilities, direct, and indirect, that public entities are facing. Having a centralized and well-maintained database of hazard impacts, as well as their corresponding economic impacts along with a way to track and report on post-disaster expenditures is key to understand the true costs of natural hazards.

Detalhes

  • Autor

    Justiniano,Ivelisse, Boyer,Mary Elinor, Gunasekera,Rashmin, Humbert,Thibaut

  • Data do documento

    2021/10/01

  • TIpo de documento

    Documento de Trabalho

  • No. do relatório

    165577

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Caribe,

  • Região

    América Latina e Caribe,

  • Data de divulgação

    2021/10/26

  • Disclosure Status

    Disclosed

  • Nome do documento

    360° Resilience : A Guide to Prepare the Caribbean for a New Generation of Shocks – Disaster Risk Financing in the Caribbean Region : Framework and Assessments

  • Palavras-chave

    financial protection; climate-related shock; contingent liability; contingent liabilities; contingent credit line; debt sustainability framework; insurance supervision and regulation; fund development; macroeconomic point of view; sovereign disaster risk financing; Climate Change Policy; reserve fund; tropical cyclone; Financial Sector; Public Financial Management; natural disaster fund; excess rainfall; Deferred Drawdown Option; Disaster Risk Finance; IS Building; asset management plan; senior government official; lines of credit; risk transfer instrument; social protection scheme; technical assistance program; Catastrophe Risk Insurance; burden of disaster; damage from hurricanes; Disaster Risk Reduction; international accounting standard; lack of transparency; european investment bank; alternative risk transfer; public asset; liquidity need; agriculture sector; financial instrument; financial resource; debt service; legal definition; opportunity cost; Public Infrastructure; emergency budget; fiscal risk; several years; sovereign debt; fiscal impact; conceptual framework; natural hazard; cabinet approval; fiscal responsibility; several countries; market penetration; disaster committee; government staff; community level; automatic stabilizer; country risk; budget support; operational implementation; high frequency; front-end fee; government financing; best use; cost-benefit analysis; budget reallocations; administrative cost; standby fee; finance product; government operation; sanitation system; health situation; budgetary reserves; financing source; bottom layer; fiscal resource; operational framework; financial impact; funding support; fiscal space; historical data; expenditure tracking; national fiscal; productive sector; other sectors; response plan; insurance market; hazard risk; regional demand; interest cost; medium frequency; governance mechanism; insurance industry; power act; international partners; insurance program; debt restructuring; gap analysis; insurance sector; accountability act; operational plan; disaster planning; national strategy; last resort; budget code; affected population; liquidity requirement; international stakeholders; risk profile; economic shock; public finance; response cost; essential services; public resource; emergency response; financial sustainability; public entity; public decision; government's policy; Natural Event; public support; financial strategies; financial strategy; meteorological events; government priority; international community; catastrophic event; annual budget; financing mechanism; administrative aspects; reasonable effort; housing sector; legal basis; sole responsibility

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