Finance Minister Dr. Nigel Clarke, yesterday moved a resolution in the House of Representatives to raise the ceiling of the Contingencies Fund from J$100 million to J$10 billion.
This will allow the Government to cover unexpected expenditure during a natural disaster.

Dr. Clarke said Jamaica’s economic independence is threatened by its vulnerability to natural disasters.

In his 2019/20 budget presentation, the Finance Minister outlined the intent of the Government to develop a policy for the financing of natural disaster risk including catastrophe bonds, contingent credit instruments and traditional insurance products like the Caribbean Catastrophe Risk Insurance Facility.

He said in the past unplanned weather related recovery expenditure diverted scarce resources away from social and economic development priorities.

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