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World Bank: Toolkit to Support Countries After Natural Disasters

GS Paper 3

 Syllabus: Disaster Management

 

Source: World Bank

Context: The World Bank Group has announced a comprehensive toolkit to support countries in responding to natural disasters and other crises.

Need for the toolkit: It is needed to help countries respond effectively to the increasing frequency and impact of natural disasters and crises. The toolkit allows for building resilience, sharing knowledge and ensuring swift response and recovery, ultimately contributing to poverty reduction and a more sustainable world.

 

Features:

Toolkit Features Impact on Disaster-Facing Countries
Pause in debt repayments Provides relief to countries by allowing them to focus on urgent needs instead of loan repayments during crises or catastrophes.

 

World Bank Group will launch Climate Resilient Debt Clauses. These will provide a pause in debt repayments for the most vulnerable countries in times of crisis or catastrophe.

Redirecting financing Offers countries the flexibility to quickly redirect funds for emergency response, ensuring immediate access to cash for disaster management and recovery efforts.
Linking crisis preparedness and financing Helps governments build advanced emergency systems, enhancing their preparedness to respond to crises effectively from day one.
Backstopping development projects with private-sector support Supports development projects by providing private sector support in crisis preparedness and response, enabling businesses to sustain operations, protect jobs, and promote long-term sustainability in disaster-struck areas.
Building enhanced catastrophe insurance without debt Enhances catastrophe insurance options, such as Cat Bonds, and offers the integration of catastrophe insurance into lending products. Provides resources for disaster-struck countries without adding to their debt burden.

Conclusion:

This toolkit empowers disaster-facing countries by providing relief, flexibility, and resources needed to respond effectively and recover from natural disasters and crises.

 

Insta Links:

Disaster Management

 

Mains Links:

Disaster prevention requires a proactive and comprehensive approach to reducing the risk of disasters. However, effective emergency response can help save lives and reduce the impact of a disaster. Analyse. (250 Words)