The credit facility was signed with IDB President Luis Alberto Moreno, following Prime Minister Holness' key note address to the IMF conference in Washington DC.
Prime Minister Holness told the conference that "We are gradually increasing our ability to finance the cost of recovery and reconstruction, but important gaps remain, especially for high impact events. As such, we are working with the World Bank and the UK to explore the feasibility of a CAT-Bond to transfer part of that risk and others."
"I am very proud to state that in Jamaica, our Ministry of Finance and the Public Service is leading the process to develop a Public Financial Management Policy for our Natural Disaster Risk platform and our international development partners are supporting this initiative.
"Among other things, this Policy will improve our understanding of the fiscal risks of natural disasters and recommend various financing strategies, particularly ex-ante financing strategies to support our targets for fiscal and debt sustainability.
The Jamaican Prime Minister encouraged leaders of Small Island Developing States (SIDS) to engage in fruitful discussions with their international partners on building resilience in the Caribbean.
Holness emphasized that the discussions on building resilience must include impacts such as increases in sea temperatures, which, according to the National Oceanic and Atmospheric Administration (NOAA) is causing the bleaching of reefs at an unprecedented rate.
“Caribbean nations require the immediate attention and requisite funding to build resilience to this specific climate impact. This climate impact that we don’t usually speak about, poses a clear and present danger to us in the Caribbean – especially given our heavy reliance on our reefs and shell fish industry,” explained Prime Minister Holness.
The Jamaican Prime Minister stressed the urgency of the discussions as the effects of climate change are increasing rapidly. In that regard, Prime Minister Holness said he is seeking to create and strengthen the national platforms for hazard risk reduction including measures to incorporate them into land use practices and forward-thinking urban planning.
In his closing remarks, The Prime Minister said he anticipated that SIDS will find alternatives to ultimately enhance disaster risk management capacity and the ability to respond to the increasing impacts of climate change. He also extended gratitude to various international partners.
“We are thankful for the teams at the IDB, IMF and World Bank for the continued support that your organizations are providing to our region with respect to climate resilience building. That support has been helpful in the pursuit of a development pathway that is consistent with Agenda 2030 Sustainable Development Goals,” expressed Prime Minister Holness.
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