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 is one of the countries with the highest recurrence rate of disasters caused by natural hazards in Latin America...
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| Online Access: | http://documents.worldbank.org/curated/en/2016/10/26880116/colombia-policy-strategy-public-financial-management-natural-disaster-risk http://hdl.handle.net/10986/25288 |
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okr-10986-252882021-05-25T08:52:48Z Colombia : Policy Strategy for Public Financial Management of Natural Disaster Risk World Bank Group natural disasters risk management public finance Disasters resulting from natural hazards represent an important challenge for Colombia’s fiscal sustainability and stability. Colombia is one of the countries with the highest recurrence rate of disasters caused by natural hazards in Latin America (see the Annex)1. As the country’s population and economy continue to grow, so will the economic losses resulting from such events, an average of 600 disaster events of which is reported per year2. 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’. The MHCP is committed to developing strategies for reducing its contingent liabilities in relation to disasters and to managing the fiscal risk resulting from these events. 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 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. 2016-10-27T20:38:32Z 2016-10-27T20:38:32Z 2016-10 Report http://documents.worldbank.org/curated/en/2016/10/26880116/colombia-policy-strategy-public-financial-management-natural-disaster-risk http://hdl.handle.net/10986/25288 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Economic & Sector Work :: Other Public Sector Study 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 public finance |
| spellingShingle |
natural disasters risk management public finance World Bank Group 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 is one of the
countries with the highest recurrence rate of disasters
caused by natural hazards in Latin America (see the Annex)1.
As the country’s population and economy continue to grow, so
will the economic losses resulting from such events, an
average of 600 disaster events of which is reported per
year2. 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’. The
MHCP is committed to developing strategies for reducing its
contingent liabilities in relation to disasters and to
managing the fiscal risk resulting from these events. 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 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 Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| 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 |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2016/10/26880116/colombia-policy-strategy-public-financial-management-natural-disaster-risk http://hdl.handle.net/10986/25288 |
| _version_ |
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