Government Begins Work on Disaster Risk Financing

Story Highlights

  • Minister without Portfolio in the Finance and the Public Service Ministry, Hon. Fayval Williams, says the Government has “put in motion and is far along with the analytic work” that will guide the eventual establishment of a policy framework for disaster risk financing ahead of a disaster.
  • “Local and international stakeholders will be consulted. 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,” the Minister said.
  • She was making her Sectoral Debate presentation in the House of Representatives on May 15 under the theme ‘Advances on the Journey from Poverty to Prosperity’.

Minister without Portfolio in the Finance and the Public Service Ministry, Hon. Fayval Williams, says the Government has “put in motion and is far along with the analytic work” that will guide the eventual establishment of a policy framework for disaster risk financing ahead of a disaster.

“Local and international stakeholders will be consulted. 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,” the Minister said.

She was making her Sectoral Debate presentation in the House of Representatives on May 15 under the theme ‘Advances on the Journey from Poverty to Prosperity’.

Meanwhile, the Minister said Jamaica received positive ratings from two international bodies for the 2017/18 financial year, confirming the Government’s commitment to its macroeconomic stabilisation programme.

She noted that the first came on September 25 last year when Standard and Poor Global Ratings affirmed its ‘B’ rating for Jamaica, meaning the country kept a stable outlook.

The second came from Fitch Ratings, which affirmed Jamaica’s long-term foreign and local currency rating at ‘B’ and revised the outlook from stable to positive.

Of the ratings, Mrs. Williams noted that “they are important milestones on our path to achieving an investment-grade rating”.

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