KINGSTON, Jamaica — Minister of Finance and Public Service, Dr Nigel Clarke says the government has taken a proactive approach by laying the groundwork for the drafting of a policy on National Disaster Risk Financing.

According to a release from the ministry, the policy is set against the backdrop that between 1993 and 2003, Jamaica suffered from 26 natural disasters which resulted in total losses and damage of US$2.22 billion (J$285.91 billion).

Clarke said the policy will see Jamaica being more independent and responsive when disasters strike.

“The practice of shifting budgeted resources from planned activities is imprudent and we have taken another step in the right direction with this policy initiative,” he said.

The policy is expected to create greater transparency and efficiencies in the mobilisation and execution of public expenditure in disaster risk management, the ministry said.

Critical components include developing fiscal resilience to natural disasters through designation of the Contingency Fund as the National Catastrophic Disaster Reserve Fund and build-up of a strong fiscal buffer; improve insurance of public assets and incorporate disaster risk analysis in public sector investments and planning from a physical planning perspective.