Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk

Disasters resulting from natural hazards represent an important challenge for Colombia’s fiscal sustainability and stability. Colombia’s rate of economic growth is increasing the base of assets exposed to disaster risks, which may lead to significant increases in losses, particularly if investments...

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Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	natural disasters risk management fiscal policy fiscal risk financial innovation catastrophe insurance volatility
Online Access:	http://documents.worldbank.org/curated/en/2016/08/26685397/colombia-policy-strategy-public-financial-management-natural-disaster-risk http://hdl.handle.net/10986/24986

id	okr-10986-24986
recordtype	oai_dc
spelling	okr-10986-249862021-05-25T08:51:10Z Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk World Bank natural disasters risk management fiscal policy fiscal risk financial innovation catastrophe insurance volatility Disasters resulting from natural hazards represent an important challenge for Colombia’s fiscal sustainability and stability. Colombia’s rate of economic growth is increasing the base of assets exposed to disaster risks, which may lead to significant increases in losses, particularly if investments in new assets are not accompanied by plans for mitigating disaster risk. The Government of Colombia (GoC) recognizes the importance of mitigating these events and has taken several steps to mainstream disaster risk management into its policy and programs, as evinced by the National Development Plan 2014-2018, all for a new country. This document presents the priority policy objectives that have been established to assess, reduce, and manage fiscal risk due to natural disasters. It also describes the Ministry of Finance and Public Credit (MHCP’s) efforts to progress its policy objectives in the long term. These policy objectives represent the MHCP’s ex ante policy framework regarding management of financial and fiscal disaster risk. The MHCP identifies three priority policy objectives in order to strengthen management of the government’s contingent liabilities and thus support the goal of achieving macroeconomic stability and fiscal balance. The policy objectives are: (i) identification and understanding of fiscal risk due to disasters; (ii) financial management of natural disaster risk, including the implementation of innovative financial instruments; and (iii) catastrophe risk insurance for public assets. 2016-08-31T15:16:58Z 2016-08-31T15:16:58Z 2016 Report http://documents.worldbank.org/curated/en/2016/08/26685397/colombia-policy-strategy-public-financial-management-natural-disaster-risk http://hdl.handle.net/10986/24986 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work Latin America & Caribbean Colombia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	natural disasters risk management fiscal policy fiscal risk financial innovation catastrophe insurance volatility
spellingShingle	natural disasters risk management fiscal policy fiscal risk financial innovation catastrophe insurance volatility World Bank Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk
geographic_facet	Latin America & Caribbean Colombia
description	Disasters resulting from natural hazards represent an important challenge for Colombia’s fiscal sustainability and stability. Colombia’s rate of economic growth is increasing the base of assets exposed to disaster risks, which may lead to significant increases in losses, particularly if investments in new assets are not accompanied by plans for mitigating disaster risk. The Government of Colombia (GoC) recognizes the importance of mitigating these events and has taken several steps to mainstream disaster risk management into its policy and programs, as evinced by the National Development Plan 2014-2018, all for a new country. This document presents the priority policy objectives that have been established to assess, reduce, and manage fiscal risk due to natural disasters. It also describes the Ministry of Finance and Public Credit (MHCP’s) efforts to progress its policy objectives in the long term. These policy objectives represent the MHCP’s ex ante policy framework regarding management of financial and fiscal disaster risk. The MHCP identifies three priority policy objectives in order to strengthen management of the government’s contingent liabilities and thus support the goal of achieving macroeconomic stability and fiscal balance. The policy objectives are: (i) identification and understanding of fiscal risk due to disasters; (ii) financial management of natural disaster risk, including the implementation of innovative financial instruments; and (iii) catastrophe risk insurance for public assets.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk
title_short	Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk
title_full	Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk
title_fullStr	Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk
title_full_unstemmed	Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk
title_sort	colombia : policy strategy for public financial management of natural disaster risk
publisher	World Bank, Washington, DC
publishDate	2016
url	http://documents.worldbank.org/curated/en/2016/08/26685397/colombia-policy-strategy-public-financial-management-natural-disaster-risk http://hdl.handle.net/10986/24986
_version_	1764458065595203584

Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk

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