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International Monetary Fund. Western Hemisphere Dept.
Natural disasters and climate change are existential threats to Grenada, with annual losses from these events estimated at 1.7 percent of GDP. Grenada has proactively pursued resilience-building, with its Climate Change Policy and National Adaptation Plan providing detailed roadmaps for policymakers. However, the challenges are increasing, including from slow-moving effects owing to the rising sea level, even as implementation capacity and resource constraints remain significant impediments. The COVID-19 pandemic has amplified those challenges by increasing risks and tightening Grenada’s fiscal space.
International Monetary Fund. Western Hemisphere Dept.

building resilience C. Macro-fiscal Context for the DRS D. DRS Fiscal and Macro Impact in 2021 – 35 V. THE WAY FORWARD BOXES 1. Priorities for DRM Data Collection 2. Private Sector Insurance Coverage 3. Strengthening the budgetary framework for disaster risk management ANNEXES I. Effects of Hurricane Ivan on Grenada II. Covid-19 Impact and Implications for Grenada

International Monetary Fund. Western Hemisphere Dept.
Dominica is among the countries most vulnerable to natural disasters and climate change. During 1997-2017, it was the country with highest GDP losses to climate-related natural disasters and ranked in the top 10 percent among 182 countries for climate-related fatalities. Following a huge devastation, owing to back-to-back major storms in 2015 and 2017, Dominica announced its intention to become the first disaster resilient nation. In 2019, it was agreed with the government that the Fund, in consultation and collaboration with other development partners, would provide support for preparing a Disaster Resilience Strategy (DRS), a comprehensive plan including policies, cost, and financing to build resilience against natural disasters.
International Monetary Fund. Western Hemisphere Dept.

requires accelerating the disbursement of committed loans and grants. 47. The DRS fiscal plan includes conservative CBI revenue projections implying upside risk, and the establishment of the VRF for insurance, resilient investment, and debt reduction . CBI program revenue has shown significant historical variability and are difficult to predict. The DRS macro-framework assumes that CBI-program revenue gradually declines, converging to 3 percent of GDP in the long term. If CBI resources remain high, a share will be allocated to a Saving Fund for NDs to start up layer 1

International Monetary Fund. Western Hemisphere Dept.

COVID-19 shock implies a delay in reducing the debt ratio to the 55 percent of GDP threshold. It would now be achieved by around 2026, some 5 years later than envisaged earlier, limiting Grenada’s fiscal space in the medium-term. D. DRS Fiscal and Macro Impact in 2021–35 58. Implementation of the DRS implies significant short-to-medium-term costs, while the full macroeconomic benefits would accrue over a much longer horizon . The cost of investment in climate-resilient infrastructure would impose an immediate financial burden (which would also depend on the