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Peru: A comprehensive strategy for financial protection against natural disasters

To strengthen the management of contingent fiscal risks that might result from natural disasters and to preserve the macroeconomic stability and sustainability of fiscal policy during such events, the Ministry of Economy and Finances has defined six priority strategic lines of action for evaluating, reducing, and managing disaster-related fiscal risk, as follows:

  1. Identify, quantify, and assess the fiscal risk of disasters associated with natural hazards.
  2. Formulate the components for developing and implementing tools for risk retention and transfer.
  3. Establish guidelines for the use of available funds to respond to major disasters.
  4. Promote the assessment, prevention, and reduction of disaster risk, as well as emergency preparedness through financial mechanisms within the results-based budget framework, and incorporate disaster risk management into public investment.
  5. Promote the development of a domestic catastrophe insurance market for responding to disasters associated with natural hazards.
  6. Coordinate and promote the operational continuity of the State, which is fundamental to implementing the financial strategy for disaster risk management.

This document describes the efforts that the Ministry of Economy and Finances has made, is making, and will continue to make to implement the strategic lines of action defined above

Keywords

  • Themes:Economics of DRR, Governance, Insurance & Risk Transfer
  • Countries/Regions:Peru

  • Short URL:http://preventionweb.net/go/62856

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