Disaster Resilient and Responsive Public Financial Management : 360° Resilience Background Paper
Public financial management (PFM) is one of the key government instruments of supporting effective preparation, response, and resilience to disasters. Yet many PFM institutions, systems, and processes lack disaster resilience and responsiveness. In times of growing awareness of the impacts of clim...
| Main Authors: | , |
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| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/undefined/379781635297120124/360-Resilience-A-Guide-to-Prepare-the-Caribbean-for-a-New-Generation-of-Shocks-Disaster-Resilient-and-Responsive-Public-Financial-Management http://hdl.handle.net/10986/36420 |
| Summary: | Public financial management (PFM) is one of the key government instruments of supporting effective
preparation, response, and resilience to disasters. Yet many PFM institutions, systems, and processes
lack disaster resilience and responsiveness. In times of growing awareness of the impacts of climate
change on good governance as well as the impacts of the recent COVID-19 pandemic on the way public
finances are planned, executed, and accounted for, governments need to be able to optimize the
allocation and execution of public resources. Disaster resilient and responsive public financial
management (DRR-PFM) promotes (i) proactive and planned disaster risk reduction and climate change
adaptation; and (ii) timely and fiscally prudent response and recovery from natural disasters and other
shocks and stresses. Fiscal response to disasters in the Caribbean is neither strategic nor efficient in most instances, and
emergency finance procedures are often undocumented, ad hoc, coincidental and sometimes
inefficient. Surprisingly, given the frequency of natural disasters in the Caribbean, national authorities
provide little guidance on how to expedite public financial, public procurement, and public investment
management to swiftly respond to or rebuild after disasters. Public assets are not systematically tracked
and are financially under-protected, making it difficult to quickly carry out accurate post-disaster needs
assessments or to replace destroyed assets. |
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