Governments cannot afford to wait until a disaster strikes to start looking for the funds to respond. Without sufficient financial planning, disasters force countries to take away funds meant for investments in education, health and infrastructure.
Climate change increases the frequency and intensity of extreme weather events such as floods, typhoons, and droughts. Compounding shocks from natural disasters and the COVID-19 pandemic will put further strains on already limited fiscal space.
Southeast Asian countries are at different stages of development. But whatever their primary concerns, all suffer when hit by a natural disaster.
Countries with higher levels of economic development and rapid growth are often concerned with large losses caused by economic disruption and infrastructure damage.
Countries with large, vulnerable, poor and often rural populations are looking for ways to reduce the impact on households and livelihoods.
Recognizing that diverse needs require diverse solutions, SEADRIF is set up to develop programs and products tailored to each country’s needs.
It will also serve as a platform to provide benefits beyond faster, more reliable access to money.