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International Monetary Fund. Fiscal Affairs Dept.

Electric Vehicle Cat-DDO Deferred Drawdown Option CBS Central Bank of Samoa CDC Cabinet Development Committee CDF Contingent Disaster Financing CERC Contingency Emergency Response Components CIM Community Integrated Management CMAP Climate Macroeconomic Assessment Program CMIP Coupled Model Intercomparison Project CRICD Climate Resilience Investment and Coordination Division (in MOF) CRSC Climate Resilience Steering Committee CRW Crisis Response Window DAC Development

International Monetary Fund. Western Hemisphere Dept.

of Tourism MoNR The Ministry of Natural Resources NCCO National Climate Change Office NCCPSAP National Climate Change Policy, Strategy and Action Plan NCRIP National Climate Resilience Investment Plan NDC Nationally Determined Contribution NEMO National Emergency Management Organization NEMS National Environmental Management Strategy OECS Organization of Eastern Caribbean States PEFA Public Expenditure and Financial Accountability (Assessment) PFM

International Monetary Fund. Fiscal Affairs Dept.

MED Ministry of Economic Development MIS Monitoring and Information System MLLGRD Ministry of Labor, Local Government, and Rural Development MOF Ministry of Finance MTFF Medium-Term Fiscal Framework NAFP National Agriculture and Food Policy NCCPSAP National Climate Change Policy, Strategy and Action Plan NCRIP National Climate Resilience Investment Plan NSTMP National Sustainable Tourism Master Plan PCs Public corporations PEFA Public

International Monetary Fund. Fiscal Affairs Dept.
Samoa is highly exposed to natural hazards such as tropical cyclones, earthquakes, tsunamis, droughts, and floods. These damage economic growth and impact debt sustainability adversely. Increasing frequency and intensity of coastal storms are likely to amplify damage to infrastructure and livelihoods. Slow-moving climate stresses such as sea level rise and increasing heat hazard are also likely to impact potential growth in the main economic sectors such as agriculture, fisheries, and tourism.
Mr. Zamid Aligishiev, Emanuele Massetti, and Mr. Matthieu Bellon
Adaptation to climate change is an integral part of sustainable development and a necessity for advanced and developing economies alike. How can adaptation be planned for and mainstreamed into fiscal policy? Setting up inclusive coordination mechanisms and strengthening legal foundations to incorporate climate change can be a prerequisite. This Note identifies four building blocks: 1. Taking stock of present and future climate risks, identifying knowledge and capacity gaps, and establishing guidance for next steps. 2. Developing adaptation solutions. This block can be guided by extending the IMF three-pillar disaster resilience strategy to address changes in both extreme and average weather and would cover the prevention of risks, the alleviation of residual risks, and macro-fiscal resilience. 3. Mainstreaming these solutions into government operations. This requires strengthening public financial management institutions by factoring climate risks and adaptation plans into budgets and macro-frameworks, and in the management of public investment, assets and liabilities. 4. Providing for transparent evaluations to inform future plans. This involves continually monitoring progress and regularly updating adaptation plans.
International Monetary Fund. Fiscal Affairs Dept.

Plan (PSIP) to be updated on a more regular basis to inform stakeholders of current adaptation plans and to reflect better climate resilience considerations similar to the previously published Climate Resilience Investment Plan under the pilot Climate Resilience Program (PCRP) (See Section VII ). 10. Samoa’s climate change and disaster management strategies are supported by a whole-of-economy framework including key sectors and communities . Samoa’s adaptation planning involves sectors as well as communities, ensuring adaptation planning includes the segments of

International Monetary Fund. Fiscal Affairs Dept.
The level of public investment in Belize has varied over the past years in the context of existing constraints. The sharp increase in public debt has limited available fiscal space.1 This has resulted in an increase in externally financed investments as a share of the capital budget and a growing interest in public private partnerships (PPPs) to help achieve the government of Belize’s national strategy objectives.2 However, the correlation between Belize’s public investment and GDP growth remains weak, and the public capital stock as a ratio to GDP shows a sharp deterioration, possibly pointing to investment inefficiencies.
International Monetary Fund. Western Hemisphere Dept.

FRF, approved in January 2020, should be recalibrated considering the pandemic- and volcanic eruption-related surge in debt and sizable critical climate resilience investment needs to facilitate its full operationalization once the recovery takes hold. Given the high risks and vulnerability to external shocks, it would be prudent to build additional buffers and prepare contingency plans to return debt to the baseline should fiscal slippages and external shocks materialize. 24. Under the IDA Sustainable Development Financing Policy, the authorities effectively

International Monetary Fund. Western Hemisphere Dept.
Belize is exceptionally vulnerable to natural disasters and climate change. It already faces hurricanes, flooding, sea level rise, coastal erosion, coral bleaching, and droughts, with impacts likely to intensify given expected increases in weather volatility and sea temperature. Hence, planning for resilience-building, and engagement with development partners on environmental reforms, have been central to Belizean policymaking for many years, since well before Belize submitted its Nationally Determined Contribution (NDC) to the Paris Accord in 2015. This Climate Change Policy Assessment (CCPA) takes stock of Belize’s plans to manage its climate response, from the perspective of their macroeconomic and fiscal implications. The CCPA is a joint initiative by the IMF and World Bank to assist small states to understand and manage the expected economic impact of climate change, while safeguarding long-run fiscal and external sustainability. It explores the possible impact of climate change and natural disasters on the macroeconomy and the cost of Belize’s planned response. It suggests macroeconomically relevant reforms that could strengthen the likelihood of success of the national strategy and identifies policy gaps and resource needs.
International Monetary Fund. Fiscal Affairs Dept.

’s climate response . The government’s plans are articulated in the National Climate Resilience Investment Plan (NCRIP, 2013) and a National Climate Change Policy, Strategy and Action Plan (NCCPSAP, 2014). The CCPA found that Belize has advanced planning for climate change but that improvements were needed to support effective implementation, including reform of the institutional and legal framework for investment and procurement, development of risk financing instruments and further expansion of renewable energy. The CCPA also recommended a greater focus on ecosystem