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This report presents the results of a study that compares country practices in the management of the financial implications of disasters on government finances for a set of OECD member countries and partner economies particularly exposed to natural hazards.
Book Synopsis Fiscal Resilience to Natural Disasters Lessons from Country Experiences by : OECD
Download or read book Fiscal Resilience to Natural Disasters Lessons from Country Experiences written by OECD and published by OECD Publishing. This book was released on 2019-05-20 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents the results of a study that compares country practices in the management of the financial implications of disasters on government finances for a set of OECD member countries and partner economies particularly exposed to natural hazards.
Natural disasters continue to cause widespread damage and losses, with fast growing economies particularly exposed. Governments often shoulder a significant share of the costs of disaster recovery and reconstruction. This is true in OECD countries and even more so in developing economies, where private insurance markets are not as well developed. The fiscal impact of disasters on a government's budget can be sizeable. Expenditures for the government arise from both explicit and implicit commitments to compensate for disaster losses. This report presents the results of a study that compares country practices in the management of the financial implications of disasters on government finances for a set of OECD member and partner countries particularly exposed to natural hazards.
Book Synopsis Fiscal Resilience to Natural Disasters by :
Download or read book Fiscal Resilience to Natural Disasters written by and published by . This book was released on 2019 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural disasters continue to cause widespread damage and losses, with fast growing economies particularly exposed. Governments often shoulder a significant share of the costs of disaster recovery and reconstruction. This is true in OECD countries and even more so in developing economies, where private insurance markets are not as well developed. The fiscal impact of disasters on a government's budget can be sizeable. Expenditures for the government arise from both explicit and implicit commitments to compensate for disaster losses. This report presents the results of a study that compares country practices in the management of the financial implications of disasters on government finances for a set of OECD member and partner countries particularly exposed to natural hazards.
Book Synopsis Fiscal Resilience to Natural Disasters by : Oecd
Download or read book Fiscal Resilience to Natural Disasters written by Oecd and published by Org. for Economic Cooperation & Development. This book was released on 2019-08-05 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
This how-to note focuses on the management of the fiscal costs associated with natural disaster risks. Unlike other types of fiscal risks (for example, unexpected macroeconomic changes or materialization of contingent liabilities), a natural disaster presents a unique challenge to fiscal risk-management and budget processes because of its exogenous nature and potentially overwhelming scale. This note discusses how governments can build fiscal resilience against natural hazards and strengthen fiscal management after a disaster, including through budgeting frameworks and other fiscal policies. The note aims to answer three central questions: How large should fiscal buffers be? How should fiscal buffers be built up? How should fiscal buffers be used efficiently and transparently once a natural disaster has struck? These three questions directly relate to fiscal policy, fiscal risk management, and the budget process—all core areas of IMF expertise. To address them, the note focuses on fiscal strategies for financing recovery efforts and considers approaches to mitigate disaster impact. The note also provides guidance on how to conduct regular risk analyses of natural disasters’ potential fiscal consequences and outlines best practices for defining and accounting for the contingent liabilities associated with natural disasters in budgeting frameworks. Finally, the note touches on approaches for risk reduction, disaster risk financing strategies, and risk transfer mechanisms, such as various insurance instruments.
Book Synopsis How to Manage the Fiscal Costs of Natural Disasters by : Mr.Serhan Cevik
Download or read book How to Manage the Fiscal Costs of Natural Disasters written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2018-06-11 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This how-to note focuses on the management of the fiscal costs associated with natural disaster risks. Unlike other types of fiscal risks (for example, unexpected macroeconomic changes or materialization of contingent liabilities), a natural disaster presents a unique challenge to fiscal risk-management and budget processes because of its exogenous nature and potentially overwhelming scale. This note discusses how governments can build fiscal resilience against natural hazards and strengthen fiscal management after a disaster, including through budgeting frameworks and other fiscal policies. The note aims to answer three central questions: How large should fiscal buffers be? How should fiscal buffers be built up? How should fiscal buffers be used efficiently and transparently once a natural disaster has struck? These three questions directly relate to fiscal policy, fiscal risk management, and the budget process—all core areas of IMF expertise. To address them, the note focuses on fiscal strategies for financing recovery efforts and considers approaches to mitigate disaster impact. The note also provides guidance on how to conduct regular risk analyses of natural disasters’ potential fiscal consequences and outlines best practices for defining and accounting for the contingent liabilities associated with natural disasters in budgeting frameworks. Finally, the note touches on approaches for risk reduction, disaster risk financing strategies, and risk transfer mechanisms, such as various insurance instruments.
This paper discusses how countries vulnerable to natural disasters can reduce the associated human and economic cost. Building on earlier work by IMF staff, the paper views disaster risk management through the lens of a three-pillar strategy for building structural, financial, and post-disaster (including social) resilience. A coherent disaster resilience strategy, based on a diagnostic of risks and cost-effective responses, can provide a road map for how to tackle disaster related vulnerabilities. It can also help mobilize much-needed support from the international community.
Book Synopsis Building Resilience in Developing Countries Vulnerable to Large Natural Disasters by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Building Resilience in Developing Countries Vulnerable to Large Natural Disasters written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2019-06-26 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses how countries vulnerable to natural disasters can reduce the associated human and economic cost. Building on earlier work by IMF staff, the paper views disaster risk management through the lens of a three-pillar strategy for building structural, financial, and post-disaster (including social) resilience. A coherent disaster resilience strategy, based on a diagnostic of risks and cost-effective responses, can provide a road map for how to tackle disaster related vulnerabilities. It can also help mobilize much-needed support from the international community.
The Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) are valuable components of the disaster risk financing tool kit for Fund members, especially developing countries. They help to meet urgent balance of payments needs, and are designed to play a catalytic role in mobilizing other external financing. This paper develops proposals for a higher annual access limit under the RCF and RFI, building on a November 2016 staff paper on small states’ resilience to natural disasters and climate change (IMF, 2016c). Directors generally supported the proposal in that paper to establish higher annual access limits of 60 percent of quota under the RCF and RFI for countries experiencing severe natural disaster-related damages. The focus of this paper is to specify the threshold of damage from a natural disaster that would allow members experiencing urgent balance of payments needs arising from such disasters to access emergency financing at the higher annual limit. In the November 2016 paper, staff proposed, among other things, the possibility of establishing a higher access limit under the RCF and RFI where the amount of damage reached the threshold of 30 percent of GDP. Most Directors regarded the proposed threshold of disaster damage as overly restrictive, and suggested lowering the threshold to 20 percent of GDP or lower, provided that this did not jeopardize the self-sustainability of the PRGT. For a range of future disaster outcomes, a damage threshold of 20 percent of GDP could increase projected annual average PRGT loan demand in the 1-5 percent range over the next decade, which should not pose significant risks to the robustness of PRGT self-sustainability. Cautious stewardship of PRGT resources argues against a lower disaster damage threshold, pending further experience with disaster trends and associated PRGT loan demand. This paper does not propose changes to the current cumulative access limits for the RCF and RFI. The cumulative access limits play an important role in the Fund’s financing architecture, constraining the extent to which countries can access Fund resources without implementing a Fund-supported program with upper credit tranche (UCT) conditionality and associated policies in circumstances where such a program would be more appropriate. The Board will have the opportunity to review the cumulative access limits in the context
Book Synopsis Large Natural Disasters--Enhancing the Financial Safety Net for Developing Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Large Natural Disasters--Enhancing the Financial Safety Net for Developing Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2017-05-15 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) are valuable components of the disaster risk financing tool kit for Fund members, especially developing countries. They help to meet urgent balance of payments needs, and are designed to play a catalytic role in mobilizing other external financing. This paper develops proposals for a higher annual access limit under the RCF and RFI, building on a November 2016 staff paper on small states’ resilience to natural disasters and climate change (IMF, 2016c). Directors generally supported the proposal in that paper to establish higher annual access limits of 60 percent of quota under the RCF and RFI for countries experiencing severe natural disaster-related damages. The focus of this paper is to specify the threshold of damage from a natural disaster that would allow members experiencing urgent balance of payments needs arising from such disasters to access emergency financing at the higher annual limit. In the November 2016 paper, staff proposed, among other things, the possibility of establishing a higher access limit under the RCF and RFI where the amount of damage reached the threshold of 30 percent of GDP. Most Directors regarded the proposed threshold of disaster damage as overly restrictive, and suggested lowering the threshold to 20 percent of GDP or lower, provided that this did not jeopardize the self-sustainability of the PRGT. For a range of future disaster outcomes, a damage threshold of 20 percent of GDP could increase projected annual average PRGT loan demand in the 1-5 percent range over the next decade, which should not pose significant risks to the robustness of PRGT self-sustainability. Cautious stewardship of PRGT resources argues against a lower disaster damage threshold, pending further experience with disaster trends and associated PRGT loan demand. This paper does not propose changes to the current cumulative access limits for the RCF and RFI. The cumulative access limits play an important role in the Fund’s financing architecture, constraining the extent to which countries can access Fund resources without implementing a Fund-supported program with upper credit tranche (UCT) conditionality and associated policies in circumstances where such a program would be more appropriate. The Board will have the opportunity to review the cumulative access limits in the context
Natural disasters and climate change are interrelated macro-critical issues affecting all Pacific small states to varying degrees. In addition to their devastating human costs, these events damage growth prospects and worsen countries’ fiscal positions. This is the first cross-country IMF study assessing the impact of natural disasters on growth in the Pacific islands as a group. A panel VAR analysis suggests that, for damage and losses equivalent to 1 percent of GDP, growth drops by 0.7 percentage point in the year of the disaster. We also find that, during 1980-2014, trend growth was 0.7 percentage point lower than it would have been without natural disasters. The paper also discusses a multi-pillar framework to enhance resilience to natural disasters at the national, regional, and multilateral levels and the importance of enhancing countries’ risk-management capacities. It highlights how this approach can provide a more strategic and less ad hoc framework for strengthening both ex ante and ex post resilience and what role the IMF can play.
Book Synopsis Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific by : Ezequiel Cabezon
Download or read book Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific written by Ezequiel Cabezon and published by International Monetary Fund. This book was released on 2015-06-19 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural disasters and climate change are interrelated macro-critical issues affecting all Pacific small states to varying degrees. In addition to their devastating human costs, these events damage growth prospects and worsen countries’ fiscal positions. This is the first cross-country IMF study assessing the impact of natural disasters on growth in the Pacific islands as a group. A panel VAR analysis suggests that, for damage and losses equivalent to 1 percent of GDP, growth drops by 0.7 percentage point in the year of the disaster. We also find that, during 1980-2014, trend growth was 0.7 percentage point lower than it would have been without natural disasters. The paper also discusses a multi-pillar framework to enhance resilience to natural disasters at the national, regional, and multilateral levels and the importance of enhancing countries’ risk-management capacities. It highlights how this approach can provide a more strategic and less ad hoc framework for strengthening both ex ante and ex post resilience and what role the IMF can play.
Individuals and state and local governments (public entities) incur losses associated with natural disasters. For individuals, there are costs associated with evacuating, possible periods of unemployment, and costs associated with physical damage caused by the event, much of which is uninsured loss. Similarly, public entities incur damage to public buildings and public utilities and tax base losses associated with reduced economic activity. Although an entire community experiences a natural disaster, low-income communities and communities of color are disproportionately vulnerable to the risks of natural hazards and encounter the most difficulty in recovering from disasters. The U.S. federal government provides funds for disaster response and recovery for both individuals and public entities. However, federal assistance is limited, and financial gaps remain. The authors of this report do not make policy recommendations but rather provide a resource documenting programs and products that some communities have adopted to help improve individual and community financial resilience. Many of these products are available from the private sector, and others are programs developed by public entities or nongovernmental organizations. Improving the financial resilience of public entities and individuals after a natural disaster strengthens and speeds up a community's ability to recover.
Book Synopsis Improving the FINANCIAL RESILIENCE of Public Entities and Individuals for Natural Disasters by : Noreen Clancy
Download or read book Improving the FINANCIAL RESILIENCE of Public Entities and Individuals for Natural Disasters written by Noreen Clancy and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Individuals and state and local governments (public entities) incur losses associated with natural disasters. For individuals, there are costs associated with evacuating, possible periods of unemployment, and costs associated with physical damage caused by the event, much of which is uninsured loss. Similarly, public entities incur damage to public buildings and public utilities and tax base losses associated with reduced economic activity. Although an entire community experiences a natural disaster, low-income communities and communities of color are disproportionately vulnerable to the risks of natural hazards and encounter the most difficulty in recovering from disasters. The U.S. federal government provides funds for disaster response and recovery for both individuals and public entities. However, federal assistance is limited, and financial gaps remain. The authors of this report do not make policy recommendations but rather provide a resource documenting programs and products that some communities have adopted to help improve individual and community financial resilience. Many of these products are available from the private sector, and others are programs developed by public entities or nongovernmental organizations. Improving the financial resilience of public entities and individuals after a natural disaster strengthens and speeds up a community's ability to recover.
No person or place is immune from disasters or disaster-related losses. Infectious disease outbreaks, acts of terrorism, social unrest, or financial disasters in addition to natural hazards can all lead to large-scale consequences for the nation and its communities. Communities and the nation thus face difficult fiscal, social, cultural, and environmental choices about the best ways to ensure basic security and quality of life against hazards, deliberate attacks, and disasters. Beyond the unquantifiable costs of injury and loss of life from disasters, statistics for 2011 alone indicate economic damages from natural disasters in the United States exceeded $55 billion, with 14 events costing more than a billion dollars in damages each. One way to reduce the impacts of disasters on the nation and its communities is to invest in enhancing resilience-the ability to prepare and plan for, absorb, recover from and more successfully adapt to adverse events. Disaster Resilience: A National Imperative addresses the broad issue of increasing the nation's resilience to disasters. This book defines "national resilience", describes the state of knowledge about resilience to hazards and disasters, and frames the main issues related to increasing resilience in the United States. It also provide goals, baseline conditions, or performance metrics for national resilience and outlines additional information, data, gaps, and/or obstacles that need to be addressed to increase the nation's resilience to disasters. Additionally, the book's authoring committee makes recommendations about the necessary approaches to elevate national resilience to disasters in the United States. Enhanced resilience allows better anticipation of disasters and better planning to reduce disaster losses-rather than waiting for an event to occur and paying for it afterward. Disaster Resilience confronts the topic of how to increase the nation's resilience to disasters through a vision of the characteristics of a resilient nation in the year 2030. Increasing disaster resilience is an imperative that requires the collective will of the nation and its communities. Although disasters will continue to occur, actions that move the nation from reactive approaches to disasters to a proactive stance where communities actively engage in enhancing resilience will reduce many of the broad societal and economic burdens that disasters can cause.
Book Synopsis Disaster Resilience by : National Academies
Download or read book Disaster Resilience written by National Academies and published by National Academies Press. This book was released on 2012-12-29 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: No person or place is immune from disasters or disaster-related losses. Infectious disease outbreaks, acts of terrorism, social unrest, or financial disasters in addition to natural hazards can all lead to large-scale consequences for the nation and its communities. Communities and the nation thus face difficult fiscal, social, cultural, and environmental choices about the best ways to ensure basic security and quality of life against hazards, deliberate attacks, and disasters. Beyond the unquantifiable costs of injury and loss of life from disasters, statistics for 2011 alone indicate economic damages from natural disasters in the United States exceeded $55 billion, with 14 events costing more than a billion dollars in damages each. One way to reduce the impacts of disasters on the nation and its communities is to invest in enhancing resilience-the ability to prepare and plan for, absorb, recover from and more successfully adapt to adverse events. Disaster Resilience: A National Imperative addresses the broad issue of increasing the nation's resilience to disasters. This book defines "national resilience", describes the state of knowledge about resilience to hazards and disasters, and frames the main issues related to increasing resilience in the United States. It also provide goals, baseline conditions, or performance metrics for national resilience and outlines additional information, data, gaps, and/or obstacles that need to be addressed to increase the nation's resilience to disasters. Additionally, the book's authoring committee makes recommendations about the necessary approaches to elevate national resilience to disasters in the United States. Enhanced resilience allows better anticipation of disasters and better planning to reduce disaster losses-rather than waiting for an event to occur and paying for it afterward. Disaster Resilience confronts the topic of how to increase the nation's resilience to disasters through a vision of the characteristics of a resilient nation in the year 2030. Increasing disaster resilience is an imperative that requires the collective will of the nation and its communities. Although disasters will continue to occur, actions that move the nation from reactive approaches to disasters to a proactive stance where communities actively engage in enhancing resilience will reduce many of the broad societal and economic burdens that disasters can cause.
Governments face growing contingent liabilities from disasters as they tend to shoulder a significant share of disaster response and recovery costs. Disaster shocks increase government expenditure and hamper economic activities. An increasing number of countries are developing financial protection strategies - a suite of policies and financial instruments - as part of their macro-fiscal policy to secure access to pre-arranged financing and protect the fiscal balance and budget when disasters strike. Investments in physical and social resilience complement and reinforce financial resilience. Pre-arranged risk financing can help governments reduce the fiscal cost of disasters. Sovereign catastrophe risk pools, established to help especially low-capacity countries better access financial markets, are evolving toward multifunctional platforms to strengthen financial resilience in their region. Governments are moving toward adopting more sophisticated risk financing strategies that better match financial instruments to their liabilities, especially for public assets (including infrastructure), national-subnational cost sharing, and social safety nets. New technology and innovations such as Earth Observation Data, Fintech, and big data have the potential to significantly enhance and boost systems for financial resilience against disaster shocks. Development partners continue to play a critical role in helping developing countries improve their financial protection strategies. Recent experiences of G20 countries and others have led to three new frontiers on innovative crisis and disaster risk finance. Although significant progress has been achieved in disaster risk finance, some limitations and challenges remain. All successful reforms start with concrete first steps and an ongoing focus on enhancing fundamental systems and institutions. Financial resilience requires the leadership of ministries of finance in coordination with other public agencies and the private sector. At the request of G20 Finance Track members, this discussion note was prepared to: (i) take stock of the developments in fiscal management of disaster risks within the broader macro-fiscal framework; (ii) highlight recent progress by individual countries and the international community; and (iii) present new frontiers in disaster risk finance.
Book Synopsis Boosting Financial Resilience to Disaster Shocks by : World Bank Group
Download or read book Boosting Financial Resilience to Disaster Shocks written by World Bank Group and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments face growing contingent liabilities from disasters as they tend to shoulder a significant share of disaster response and recovery costs. Disaster shocks increase government expenditure and hamper economic activities. An increasing number of countries are developing financial protection strategies - a suite of policies and financial instruments - as part of their macro-fiscal policy to secure access to pre-arranged financing and protect the fiscal balance and budget when disasters strike. Investments in physical and social resilience complement and reinforce financial resilience. Pre-arranged risk financing can help governments reduce the fiscal cost of disasters. Sovereign catastrophe risk pools, established to help especially low-capacity countries better access financial markets, are evolving toward multifunctional platforms to strengthen financial resilience in their region. Governments are moving toward adopting more sophisticated risk financing strategies that better match financial instruments to their liabilities, especially for public assets (including infrastructure), national-subnational cost sharing, and social safety nets. New technology and innovations such as Earth Observation Data, Fintech, and big data have the potential to significantly enhance and boost systems for financial resilience against disaster shocks. Development partners continue to play a critical role in helping developing countries improve their financial protection strategies. Recent experiences of G20 countries and others have led to three new frontiers on innovative crisis and disaster risk finance. Although significant progress has been achieved in disaster risk finance, some limitations and challenges remain. All successful reforms start with concrete first steps and an ongoing focus on enhancing fundamental systems and institutions. Financial resilience requires the leadership of ministries of finance in coordination with other public agencies and the private sector. At the request of G20 Finance Track members, this discussion note was prepared to: (i) take stock of the developments in fiscal management of disaster risks within the broader macro-fiscal framework; (ii) highlight recent progress by individual countries and the international community; and (iii) present new frontiers in disaster risk finance.
