JAMAICA has been working on establishing a policy framework for disaster risk financing, Minister without Portfolio in the Ministry of Finance and the Public Service Fayval Williams said on Tuesday.

Williams, who was making her first contribution to the sectoral debate in the House of Representatives since being promoted to minister in a Cabinet shuffle by Prime Minister Andrew Holness on March 26, said she is pleased that the Government has put in motion, and are far along with the analytic work that will guide the eventual establishment of a Policy Framework for Disaster Risk Financing ahead of a disaster.

“It will be amply consulted with local and international stakeholders. It will be based on the most recent, specialised technical analysis available. In the end, we will have a portfolio, a suite of products for different levels of disaster, and a transparent investment plan to mitigate harm to people and damage to infrastructure,” she said.

Williams said that the Government would continue to maintain a contingency in the budget to deal with high frequency events, but relatively low levels of damage.

“Rather than the one product that we have now, that only kicks in if there is a catastrophe, we envision different market-based products with quick disbursement features. We will utilise the market for contingent lines of credit and catastrophic bonds, all within our envelope of affordability,” she said.

She added that an analysis of the Caribbean Catastrophic Risk Insurance Fund would also guide Jamaica’s continued participation in the product.

“The result of all this will be deliberate actions, based on analysis. While we are well aware that Jamaica cannot escape the risk of natural disasters, we know that we can take action to significantly and efficiently reduce our vulnerability and our exposure to risks, within the affordability bounds,” she noted.

http://www.jamaicaobserver.com/news/gov-t-working-on-framework-for-disaster-risk-financing_133401