Abstract
The options presented in this paper were developed at the request of the Government of Pakistan (GoP) to contribute to the country's disaster resilience and overall sustainable development. They are in line with Pakistan@100: Shaping the Future which detailed essential elements of sustainable growth for Pakistan including with disaster risk financing among them1. They aim to comprehensively address financial resilience of Pakistan to natural disasters and increase access of the country to immediate and long-term financial resources in the aftermath of a disaster. The objective of this paper is to generate consensus on key priorities for the first national Disaster Risk Financing Strategy of Pakistan. The options presented are not exhaustive and are to be complemented with further options and potentially additional disaster risk financing instruments within an evolving strategy. This will facilitate transition towards the implementation of appropriate instruments as the associated systems and processes are set in place. The identified options were presented for consideration of the GoP during the National Consultation on Disaster Risk Finance in July 20192. The Disaster Risk Financing Strategy and implementation plan will be developed by the National Disaster Risk Management Fund (NDRMF) in coordination with the GoP leveraging this paper
Highlights
Natural disasters are an important challenge for fiscal sustainability and economic development of Pakistan
This paper identifies and proposes a series of options to strengthen the financial resilience of Pakistan against climate and disaster risk in the following priority areas:
This paper is structured in the following way: (i) the background section provides information about disaster risks and impacts, as well as challenges to financial resilience of the country to disasters; it provides an overview of existing risk financing arrangements and legal frameworks; (ii) section 2 provides an overview of potential options for strengthening financial resilience of Pakistan to natural disasters; while all options are important and some fundamental, the Government of Pakistan (GoP) could prioritize their implementation; (iii) section 3 summarizes the conclusions and provides recommendations on the steps and an indicative timeline for implementation of the suggested options
Summary
The options presented in this paper were developed at the request of the Government of Pakistan (GoP) to contribute to the country’s disaster resilience and overall sustainable development. The GoP has implemented strategic and practical steps towards greater financial resilience to disasters This includes, for instance, introduction of the National Disaster Risk Reduction policy, which places disaster risk financing among the government priorities. This paper is structured in the following way: (i) the background section provides information about disaster risks and impacts, as well as challenges to financial resilience of the country to disasters; it provides an overview of existing risk financing arrangements and legal frameworks; (ii) section 2 provides an overview of potential options for strengthening financial resilience of Pakistan to natural disasters; while all options are important and some fundamental, the GoP could prioritize their implementation; (iii) section 3 summarizes the conclusions and provides recommendations on the steps and an indicative timeline for implementation of the suggested options
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