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Finance Minister Dr Nigel Clarke
The government will be allocating one billion dollars towards financing a natural disaster fund.
Finance Minister Dr. Nigel Clarke, making the announcement during the opening of the Budget Debate on Tuesday, said the allocation will be done annually to act as a buffer and to assist with quick recovery from natural disasters.
He also said the government will renew Jamaica's catastrophe bond this year to further cushion the effects of natural disasters.
The Finance Minister said, given the island's vulnerability to the effects of natural disasters, this is one of the government's multi-layered set of response instruments.
In 2021 Jamaica became the first small island state to independently sponsor a catastrophe bond, with the assistance of the World Bank giving the country protection for three hurricane seasons: 2021, 2022 and 2023.
Assistance was provided by the United States, United Kingdom and Germany to pay 100% of the premiums associated with the bond through the United States Agency for International Development and the Global Risk Financing Facility.
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