Gov’t Provides $2.3 Billion To Support Natural Disaster Risk Management
By: , March 12, 2021
Photo: Donald De La Haye
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, opens the 2021/22 Budget Debate in the House of Representatives on March 9.The Full Story
The Government has provided more than $2.3 billion to support natural disaster risk management.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, provided details of the allotment while opening the 2021/22 Budget Debate in the House of Representatives on March 9.
“This is made up of $1.1 billion for the issue of Catastrophe Bonds (funded by grants); $1 billion to meet premium payments to the Caribbean Catastrophe Risk Insurance Facility (CCRIF); and $200 million to be transferred to the Contingencies Fund, in keeping the requirements of the Financial Administration and Audit (Amendment) Act 2014, Third Schedule, Section 4,” he said.
In addition, he informed that $50 million has been allocated to the National Disaster Fund, which is managed by the Ministry of Local Government and Rural Development.