Disaster Risk Finance Country Note : Serbia

This disaster risk financing country note for Serbia provides an overview of the way its government currently finances the costs imposed by natural disasters. Meanwhile, poverty deepened after the financial crisis and during the recessions of 2012...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	FLOODING LINE OF CREDIT CONTINGENT LIABILITIES RISKS BORROWER METEOROLOGICAL ORGANIZATION LIABILITY EQUIPMENT ACCOUNTING STORM EARLY WARNING LOCAL INFRASTRUCTURE RISK REDUCTION FINANCIAL MANAGEMENT STOCK INTEREST INTERNATIONAL FINANCIAL CRISIS GUARANTEES STORMS OPTION LOCAL GOVERNMENTS LIQUIDITY DEVELOPING COUNTRIES GOVERNMENT BORROWING MORTGAGE FISCAL POLICY INSURANCE POLICIES BONDS LOAN CAPACITY BUILDING FLOOD PROTECTION LOAN AGREEMENT DISASTER DAMAGES GOVERNMENT ASSETS PUBLIC ASSETS TAX INCOME TAX RESERVE PENSION FUND CONTRIBUTIONS PENSION DISASTER EVENTS EARTHQUAKES INSTRUMENTS INSURANCE MARKET INSURANCE COMPANY BUDGET DISASTER RELIEF PREDICTABILITY BENEFICIARY RELIEF LEGISLATIVE FRAMEWORK LEGAL PROVISIONS NATURAL DISASTER DISASTER RESPONSE INSURANCE MARKETS PUBLIC FUNDS FLOODS PERSONAL INCOME FINANCES FLOODED BOND ISSUANCE OPTIONS MONETARY FUND EMERGENCY SITUATIONS NATURAL DISASTERS FINANCIAL INSTITUTIONS MARKETS DEBT HOUSEHOLD INCOME DISASTERS INSURERS EMERGENCY RESPONSE FIRE LOANS LANDSLIDES FARMERS RESERVES GROSS DOMESTIC PRODUCT PENSION FUNDS LEGAL FRAMEWORK FINANCE PUBLIC INVESTMENT INTERNATIONAL FINANCIAL INSTITUTIONS TAXES CONTINGENT LIABILITY EXPENDITURE FLOOD INSURANCE DEBT FINANCING INTERNATIONAL BORROWING SNOWSTORM REINSURANCE INVESTORS DROUGHTS EMERGENCY EARTHQUAKE OPPORTUNITY COST INCOME SECURITY GOOD DISASTER REDUCTION GOVERNMENT BUDGET DISASTER RISK DROUGHT TRANSPARENCY SOVEREIGN RISK FINANCIAL CRISIS FUTURE EMERGENCY RECOVERY BANK EXTREME EVENTS CREDIT ARRANGEMENTS BUDGETS RESERVE FUNDS FINANCIAL INSTRUMENTS BOND MARKET EXPENDITURES DAMAGE FINANCING REQUIREMENTS PROPERTY ISSUANCE IMPACT OF DISASTERS DISASTER INSURANCE INSTITUTIONAL CAPACITY OPPORTUNITY COSTS DISASTER MANAGEMENT MARKET FOREST FIRE EXPLOSION FLOOD SECURITIES PUBLIC DEBT CREDIT RISK INSURANCE INSURANCE PREMIUMS SECURITY LANDSLIDE FINANCIAL MARKET HAILSTORM NATIONAL BANK INVESTMENT RISK BOND POVERTY DISASTER RISKS EMERGENCY MANAGEMENT DISASTER RISK REDUCTION TAX POLICY INVESTMENTS FINANCIAL SUPPORT RISK MANAGEMENT PENSION FUND FINANCIAL RISK INSURANCE COMPANIES INSTRUMENT REMITTANCES LIABILITIES GOVERNMENT ACCOUNT INSURANCE PENETRATION NATURAL HAZARDS SMALL BUSINESSES CREDIT LINES RISK ASSESSMENT SWAP RECONSTRUCTION CONTAMINATION
Online Access:	http://documents.worldbank.org/curated/en/2016/05/26330516/disaster-risk-finance-country-note-serbia http://hdl.handle.net/10986/24405

Description
Summary:	This disaster risk financing country note for Serbia provides an overview of the way its government currently finances the costs imposed by natural disasters. Meanwhile, poverty deepened after the financial crisis and during the recessions of 2012 and 2014, mainly because of losses in employment and labor income. In an effort to overcome its fiscal challenges, the government of Serbia adopted an ambitious fiscal consolidation and structural reform program to halt the rise in public debt and send it on a downward trajectory by 2017. This program is supported by a three-year stand-by arrangement from the International Monetary Fund (IMF). Because of the growing frequency and severity of disasters, the government has faced the rising costs of responding to disasters as well as the challenges of financing emergency response and reconstruction costs. Having sufficient access to financial instruments and resources in order to respond to disasters is crucial for building the financial resilience of the country and minimizing the negative impact of natural disasters on Serbia’s economic growth. In this report, chapter one gives introduction. Chapter two provides the background and country context, including the recent economic impacts of disasters. Chapter three reviews the current institutional and legal framework for disaster risk management and financing. Chapter four is a review of the public financial management of disasters in Serbia, including ex ante and ex post disaster risk financing and insurance (DRFI) instruments currently in use for budget mobilization, and it looks at the 2014 floods in more detail. The chapter concludes with a summary of financial resources available and a look at the potential resource gaps.

Disaster Risk Finance Country Note : Serbia

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