FMR Financial Management Regulation FSM Federated States of Micronesia FSMTF FSM Trust Fund GCF Green Climate Fund GEF Global Environment Facility GHG Greenhouse Gas IDA International Development Association IPP Independent Power Producer NAP National Adaptation Plan NDC Nationally Determined Contribution NOAA National Oceanic and Atmospheric Administration PCRAFI Pacific Catastrophe and Risk Financing Initiative PCRIC
Adaptation Programme of Action NCCP National Climate Change Policy NDC Nationally Determined Contribution NDMP National Disaster Management Plan NESP National Environment Sector Plan PC Public Corporations PCRAFI Pacific Catastrophe and Risk Financing Initiative PCRIC Pacific Catastrophe Risk Insurance Company PCRP Pilot Climate Resilience Program PEFA Public Expenditure and Financial Accountability PFI Public Financial Institutions PFM Public Finance Management PHEV Plug in
, it lacks a framework that defines the government’s contingent liabilities in case of disasters. 57. The Pacific Catastrophe and Risk Financing Initiative (PCRAFI) estimates that it is likely that FSM will incur on average US$8 million per year in losses from earthquakes and tropical cyclones. 29 In the coming 50 years, FSM has a 50 percent chance of experiencing natural disaster losses exceeding US$105 million and casualties larger than 220 people. In addition, there is a 10 percent chance of experiencing a loss exceeding US$470 million and casualties larger
disasters. 45. Support is required to strengthen data, analysis and integration of climate and natural disaster risk in planning, prioritizing and budgeting processes . Standardization of collection and use of data on damages across sectors could be improved to inform planning for relief, recovery and reconstruction costs. Tonga could also benefit from the catastrophe models developed under the Pacific Catastrophe and Risk Financing Initiative (PCRAFI) to estimate financial risks and costs associated with natural disasters. Current efforts to strengthen and update the
introducing digital ID. While Samoa improved its financial resilience by having several global and regional risk transfer instruments, domestic insurance can be further developed . F. Risk Assessment Does the Government Provide a Comprehensive Assessment of Disaster-Related Fiscal Risks? 31. Disaster risks are not systematically compiled and published in the fiscal policy documents, though the average fiscal cost of natural disasters is estimated to be sizable . The Pacific Catastrophe and Risk Financing Initiative (PCRAFI) 16 estimates that the annual average