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New ways to finance disaster recovery
Announcement | Cayman Islands Stock Exchange
Asian markets recovered from early losses Monday, as China posted its weakest quarterly GDP growth in at least 27 years. The result was the slowest since the first quarter of when the earliest quarterly data was available, according to Dow Jones Newswires , and lower than the 6. Among individual stocks, PetroChina , Chip maker SK Hynix ,
Asian markets recover after China’s GDP growth fails to meet already low expectations
Contingency finance is a risk retention approach for addressing loss and damage associated with climate change impacts. Setting aside contingency or reserve funds before the disaster occurs enables countries to disburse funds faster in the wake of an emergency. Risk retention measures, such as contingency finance, may be included in a broad set of approaches to manage climate-related loss and damage.
The city of Palu and surrounding districts on the island of Sulawesi were rocked by the 7. Mr Suahasil said that under the new strategy, starting next year, the government would begin to insure state assets against a major disaster. The central government woulds then create a disaster risk financing instrument, which local governments can draw on if their budgets are wiped out because of a natural catastrophe, he said. The instrument would be managed in "an insurance-type of process", Mr Suahasil said, adding that the central government may re-insure the risks with either global or local insurance players. The government could also sell "catastrophe bonds", which Mr Suahasil described as a type of debt where the issuer pays interest, but gets the capital only in the event of a disaster.