FINANCE MINISTRY LAYING GROUNDWORK FOR DISASTER RISK FINANCING

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Minister of Finance and Public Service, Dr. Nigel Clarke says the government has taken a proactive approach by laying the groundwork for the drafting of a policy on National Disaster Risk Financing.

According to a release from the ministry, the policy is set against the backdrop that between 1993 and 2003, Jamaica suffered from 26 natural disasters which resulted in total losses and damage of 285 point 91 billion Jamaican dollars.

Clarke said the policy will see Jamaica being more independent and responsive when disasters strike.

The policy is expected to create greater transparency and efficiencies in the mobilization and execution of public expenditure on disaster risk management.