World Bank offers US$30m for risk financing
The instruments were described as “quick disbursing sources.”
21 Aug 2019, 9:00 AM
Two complementary agreements worth US$30 million were signed on Tuesday between the Maldives finance ministry and the World Bank to help strengthen public finances and minimise impacts of natural disasters.
Signed by Finance Minister Ibrahim Ameer and World Bank Country Director Dr Idah Pswarayi-Riddihough, the risk financing instruments were described as “quick disbursing sources” for the government to take emergency response measures.
“The agreements are part of integrated risk management options to improve the country’s resilience to shocks and safeguard macroeconomic sustainability,” explained Dr Pswarayi-Riddihough.
“In addition, it is for the first time that a country in South Asia has prepared a [Catastrophe Deferred Drawdown Option] that is linked with this new pandemic emergency financing. This is a kind of insurance for the future.”
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