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Jamaica to access US$16.3m in disaster relief funds from CCRIF

Jamaica is to access approximately US$16.3 million or J$2.5 billion in disaster relief funds from the Caribbean Catastrophe Risk Insurance Facility.
 
This comes after the government's Tropical Cyclone policy with CCRIF was triggered following Hurricane Beryl.
 
Finance Minister Dr. Nigel Clarke made the announcement on Monday after receiving the Preliminary Modeled Loss and Policy Payment Report from CCRIF.
 
He said there was no word yet on whether a payment has been triggered under the government's excess rainfall policy with the risk insurance facility.
 
The policies with the CCRIF represent the fourth layer in the government's multilayered disaster risk financing framework.
 
Last week, Dr. Clarke announced that Jamaica will draw on its Contingency and Natural Disaster Funds, totalling $4.5 billion, as the first call on financing to fund recovery efforts from Hurricane Beryl.
 
Dr. Clarke also indicated that the country may have access to others funds were Jamaica to place a 'Contingent Credit Claim' before the Inter-American Development Bank.
 
Those funds amount to as much as $46 billion.
 
Additionally, the Government of Jamaica has a $140 billion Precautionary and Liquidity Line with the International Monetary Fund, were the country to find itself in a cash crunch.


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