Inter-American Development Bank (IDB) has boosted Jamaica’s disaster recovery funds by $ 285 million. The country, with nearly three million inhabitants, figures in the list of top 20 countries in the world that are highly prone to natural disasters. The monetary support is expected to improve the island nation’s preparedness and mitigation measures manifold.
The additional disaster recovery funds come at a time when the cost of implementing prevention, recovery and restoration measures in the country has been rising steeply at a steady pace.
Jamaica has a high incidence of cyclones, earthquakes and droughts. Eleven high impact hurricanes touched base on land between 1988 and 2012. The year 1988 was particularly bad as Hurricane Gilbert cost the country nearly a third of it GDP. More economic stability is also expected as the additional disaster recovery funds insulate the country’s commercial activity against catastrophes and setbacks.
The initiative from IDB comes in response to the increasing frequency of erratic natural phenomenon in the region owing to climatic change. This in turn has taken its toll on flora & fauna, the country’s commerce and the local community. Jamaica, being a small economy that relies heavily on tourism, is particularly prone to more risk as the country lacks sufficient credit options, especially in times of crisis.
IDB has made the additional disaster recovery funds available from its ordinary resources and is valid for a quarter century. The Ministry of Finance and Public Service will oversee the dispensing of funds.