Search Results

You are looking at 1 - 8 of 8 items for :

  • "risk financing initiative" x
Clear All
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.
International Monetary Fund. Fiscal Affairs Dept.

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

International Monetary Fund. Fiscal Affairs Dept.

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

International Monetary Fund. Fiscal Affairs Dept.
This Climate Change Policy Assessment (CCPA) takes stock of the Federated States of Micronesia (FSM)’s climate response plans, from the perspective of their macroeconomic and fiscal implications. CCPA explores the possible impact of climate change and natural disasters and the cost of FSM’s planned response. It suggests macroeconomically relevant reforms that could strengthen the national strategy and identifies policy gaps and resource needs. FSM has made progress toward its Nationally Determined Contribution mitigation pledge by beginning to expand renewable power generation and improve its efficiency. The authorities plan to continue this and encourage the take-up of energy efficient building design and appliances. Accelerating adaptation investments is paramount, which requires addressing critical capacity constraints and increasing grant financing. It is recommended that FSM needs to increase its capacity to address natural disaster risks following the expiry of Compact-related assistance in 2023. It is advised to improve climate data collection and use, including on the costs of high and low intensity disasters and disaster response expenditure.
International Monetary Fund. Fiscal Affairs Dept.

, 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

International Monetary Fund. Fiscal Affairs Dept.

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

International Monetary Fund. Fiscal Affairs Dept.

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

International Monetary Fund. Fiscal Affairs Dept.
Tonga is one of the world’s most exposed countries to climate change and natural disasters. It suffered the highest loss from natural disasters in the world (as a ratio to GDP) in 2018 and is among the top five over the last decade (Table 1). Climate change will make this worse. Cyclones will become more intense, with more damage from wind and sea surges. Rising sea levels will cause more flooding, coastal erosion and contaminate fresh water. Daily high temperatures will become more extreme, with more severe floods and drought.