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EPOC credits gov't for approach to disaster risk financing

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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