FIJI is the first country in the Pacific to have a model disaster risk finance study report, a commitment introduced and launched by the India-based Coalition for Disaster Resilient Infrastructure (CDRI) at the Grand Pacific Hotel in Suva yesterday.
The report, titled: “National Assessment of Fiscal Risks in Critical Infrastructure Sectors” is an assessment of fiscal risks associated with natural disasters on critical infrastructures in countries like Fiji.
Available in India, Mauritius and Nepal, the study for Fiji represents one of the first efforts in the Pacific region to systematically link disaster related impacts on infrastructure to fiscal outcomes.
CDRI Global director for Programs Strategy Ramesh Subramaniam said Fiji is not only the first country in the region but the first in the world to have a report dedicated to building a disaster risk finance platform and fiscal resilience.
“Essentially what it is, is that when disasters occur, they affect a lot of physical things in Fiji like housing, roads, power bridges, etc.
“The DRF platform looks from a fiscal and public finance point of view — every country can be more ready that they’ve been in the past.
“This study covers four countries, and Fiji is where we’ve decided to launch this study first,” Mr Subramaniam said.
He said the platform compares past data in every country including Fiji and tracks common disasters, its nature and its impact in the economy and national developing specifically to Fiji and later learning on how to better prepare the Fijian economy in times of natural disasters.
“It helps us learn what has been the fiscal response, the gap between the damage and losses because that gap is important for us to look at in terms of planning for the future,” he said.
Finance Minister Prof Biman Prasad stressed the importance of proactively integrating risk into public financial planning, urging Government ministries to fully engage with the findings and recommendations presented by the launched report.
CDRI in India was established in 2019 with over 30 international member countries committed to promoting disaster-resilient infrastructure.