EPOC Chairman Keith Duncan
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Keith Duncan
The Economic Programme Oversight Committee (EPOC) has credited the government for its approach to disaster risk financing.
EPOC Chairman Keith Duncan says the country has taken a multi-layered approach to guarding against risks.
"This involves establishing adequate funds and reserves to retain the costs associated with both low and high-frequency events such as floods, heavy rainfall, hurricanes and earthquake," he said.
The government has also maintained a National Disaster Fund capitalised at J$465 million as at the end of June, and contingency funds which amounted to $5 billion at the end of June.
"The government has also placed an international development bank contingent line of credit which provides access to $285 million," Mr. Duncan added.
Along with these facilities, in 2021, Jamaica secured a Catastrophe Bond, which provides protection of up to US$185 million against losses from named storms.
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