Strategic Framework for the Financial Management of Disaster Risk : Panama
Disasters associated with the impact of natural hazards have had adverse social and fiscal effects on Panama over time, and the Government of Panama (GoP) is therefore committed to strengthening the financial management of disaster risks. Actions t...
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| Language: | English en_US |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/01/24156659/panama-strategic-framework-financial-management-disaster-risk http://hdl.handle.net/10986/21705 |
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okr-10986-217052021-06-14T10:21:07Z Strategic Framework for the Financial Management of Disaster Risk : Panama World Bank Group AGRICULTURAL INSURANCE BONDS CATASTROPHIC INSURANCE CLIMATE CHANGE COINSURANCE CONSUMERS CONTINGENT LIABILITIES COVERAGE CREDIT FACILITIES DISASTER DISASTER REDUCTION DISASTER RISK DISASTER RISK REDUCTION DISASTER RISKS DISASTER SITUATIONS DISASTERS DROUGHT DROUGHTS EARTHQUAKE EARTHQUAKES EMERGENCY PLAN EXISTING CONDITIONS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL RISK FLOODS FOREST FIRES HAILSTORMS HEAVY RAINFALL HURRICANE INFORMATION SYSTEMS INSURABLE RISKS INSURANCE INSURANCE PRODUCTS INSURANCE RISK LANDSLIDE LANDSLIDES MICROINSURANCE MITIGATION NATIONAL EMERGENCY NATURAL DISASTERS NATURAL HAZARDS PROGRAMS RECONSTRUCTION REINSURANCE REINSURANCE MARKETS RELIEF RESIDUAL RISK RISK ANALYSIS RISK ASSESSMENT RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT SYSTEM RISK TRANSFER SAVINGS SOCIAL DEVELOPMENT SOCIAL INCLUSION SOLVENCY STORMS SUSTAINABILITY TSUNAMI TSUNAMIS Disasters associated with the impact of natural hazards have had adverse social and fiscal effects on Panama over time, and the Government of Panama (GoP) is therefore committed to strengthening the financial management of disaster risks. Actions taken by the GoP in financial management of disaster risk are consistent with law 34 of June 5, 2008, the law on social fiscal responsibility. This law aims to establish norms, principles, and methodologies for consolidating fiscal discipline in national financial management of the public sector, a necessary condition for continuous and sustainable economic growth. The strategic framework was developed with the support of regional and international entities. The document incorporates a number of important lessons learned from international experience: (i) include disaster risks as part of an integrated framework of fiscal risk management; (ii) ensure that governments have access to immediate funds following a disaster; (iii) consider the creation of a national disaster fund; and (iv) reduce the government's contingent liabilities against disasters associated with the impact of natural hazards by insuring critical public assets and promoting the private insurance market for catastrophic risks and agricultural insurance. The strategic framework has the following five strategic pillars: (i) identification, quantification, and understanding of fiscal risk due to disasters; (ii) incorporation of disaster risk analysis in the planning of public investment; (iii) formulation of components for developing and implementing risk retention and transfer instruments; (iv) development of the domestic insurance market; and (v) strengthening of the state directorate of investment, concessions, and risks (DICRE) so it can fulfill its role in designing and implementing financial protection strategies. 2015-04-08T20:26:36Z 2015-04-08T20:26:36Z 2015-01-01 Report http://documents.worldbank.org/curated/en/2015/01/24156659/panama-strategic-framework-financial-management-disaster-risk http://hdl.handle.net/10986/21705 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work Economic & Sector Work :: Risk and Vulnerability Assessment Latin America & Caribbean Panama |
| 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 |
AGRICULTURAL INSURANCE BONDS CATASTROPHIC INSURANCE CLIMATE CHANGE COINSURANCE CONSUMERS CONTINGENT LIABILITIES COVERAGE CREDIT FACILITIES DISASTER DISASTER REDUCTION DISASTER RISK DISASTER RISK REDUCTION DISASTER RISKS DISASTER SITUATIONS DISASTERS DROUGHT DROUGHTS EARTHQUAKE EARTHQUAKES EMERGENCY PLAN EXISTING CONDITIONS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL RISK FLOODS FOREST FIRES HAILSTORMS HEAVY RAINFALL HURRICANE INFORMATION SYSTEMS INSURABLE RISKS INSURANCE INSURANCE PRODUCTS INSURANCE RISK LANDSLIDE LANDSLIDES MICROINSURANCE MITIGATION NATIONAL EMERGENCY NATURAL DISASTERS NATURAL HAZARDS PROGRAMS RECONSTRUCTION REINSURANCE REINSURANCE MARKETS RELIEF RESIDUAL RISK RISK ANALYSIS RISK ASSESSMENT RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT SYSTEM RISK TRANSFER SAVINGS SOCIAL DEVELOPMENT SOCIAL INCLUSION SOLVENCY STORMS SUSTAINABILITY TSUNAMI TSUNAMIS |
| spellingShingle |
AGRICULTURAL INSURANCE BONDS CATASTROPHIC INSURANCE CLIMATE CHANGE COINSURANCE CONSUMERS CONTINGENT LIABILITIES COVERAGE CREDIT FACILITIES DISASTER DISASTER REDUCTION DISASTER RISK DISASTER RISK REDUCTION DISASTER RISKS DISASTER SITUATIONS DISASTERS DROUGHT DROUGHTS EARTHQUAKE EARTHQUAKES EMERGENCY PLAN EXISTING CONDITIONS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL RISK FLOODS FOREST FIRES HAILSTORMS HEAVY RAINFALL HURRICANE INFORMATION SYSTEMS INSURABLE RISKS INSURANCE INSURANCE PRODUCTS INSURANCE RISK LANDSLIDE LANDSLIDES MICROINSURANCE MITIGATION NATIONAL EMERGENCY NATURAL DISASTERS NATURAL HAZARDS PROGRAMS RECONSTRUCTION REINSURANCE REINSURANCE MARKETS RELIEF RESIDUAL RISK RISK ANALYSIS RISK ASSESSMENT RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT SYSTEM RISK TRANSFER SAVINGS SOCIAL DEVELOPMENT SOCIAL INCLUSION SOLVENCY STORMS SUSTAINABILITY TSUNAMI TSUNAMIS World Bank Group Strategic Framework for the Financial Management of Disaster Risk : Panama |
| geographic_facet |
Latin America & Caribbean Panama |
| description |
Disasters associated with the impact of
natural hazards have had adverse social and fiscal effects
on Panama over time, and the Government of Panama (GoP) is
therefore committed to strengthening the financial
management of disaster risks. Actions taken by the GoP in
financial management of disaster risk are consistent with
law 34 of June 5, 2008, the law on social fiscal
responsibility. This law aims to establish norms,
principles, and methodologies for consolidating fiscal
discipline in national financial management of the public
sector, a necessary condition for continuous and sustainable
economic growth. The strategic framework was developed with
the support of regional and international entities. The
document incorporates a number of important lessons learned
from international experience: (i) include disaster risks as
part of an integrated framework of fiscal risk management;
(ii) ensure that governments have access to immediate funds
following a disaster; (iii) consider the creation of a
national disaster fund; and (iv) reduce the
government's contingent liabilities against disasters
associated with the impact of natural hazards by insuring
critical public assets and promoting the private insurance
market for catastrophic risks and agricultural insurance.
The strategic framework has the following five strategic
pillars: (i) identification, quantification, and
understanding of fiscal risk due to disasters; (ii)
incorporation of disaster risk analysis in the planning of
public investment; (iii) formulation of components for
developing and implementing risk retention and transfer
instruments; (iv) development of the domestic insurance
market; and (v) strengthening of the state directorate of
investment, concessions, and risks (DICRE) so it can fulfill
its role in designing and implementing financial protection strategies. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Strategic Framework for the Financial Management of Disaster Risk : Panama |
| title_short |
Strategic Framework for the Financial Management of Disaster Risk : Panama |
| title_full |
Strategic Framework for the Financial Management of Disaster Risk : Panama |
| title_fullStr |
Strategic Framework for the Financial Management of Disaster Risk : Panama |
| title_full_unstemmed |
Strategic Framework for the Financial Management of Disaster Risk : Panama |
| title_sort |
strategic framework for the financial management of disaster risk : panama |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/01/24156659/panama-strategic-framework-financial-management-disaster-risk http://hdl.handle.net/10986/21705 |
| _version_ |
1764449012490960896 |