By Balford Henry
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.
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“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.
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Williams added that she was pleased to note, as well, that international aid and development funding agencies have the strong view that hazard and vulnerability reduction efforts, as well as financial planning, before a catastrophe pay excellent dividends in reducing economic impacts.