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The objective of this report is to identify and quantify the liabilities that may arise when natural disasters occur in Sri Lanka, and to present options to manage them. Expenditures made in response to disasters are referred to as disaster-related contingent liabilities (OECD 2012). These expenses arise only if a contingent event, such as a disaster, happens. The quantity of contingent liabilities is determined by the frequency and severity of natural hazards, the exposure and vulnerability of people and assets, and the response of the government to events. On average, Sri Lanka experiences LKR 50 billion (US$313 million) in annual disaster losses related to housing, infrastructure, agriculture, and relief. Most of this figure, LKR 32 billion (US dollar 200 million), is accounted for by losses from floods. Cyclones or high winds account for LKR 11 billion (US dollar 68 million), with droughts and landslides accounting for LKR 5.2 billion (US dollar 32 million) and LKR 1.8 billion (US dollar 11 million) respectively. This is equivalent to 0.4 percent of gross domestic product (GDP) or 2.1 percent of government expenditure. These losses place a large financial burden on the Government of Sri Lanka (GoSL). With a better understanding of the financial burden disasters pose for the GoSL, the Ministry of Finance will be further empowered to develop and implement suitable mitigation and management strategies. Identifying and quantifying liabilities that may arise when natural disasters occur is important for Sri Lanka, which is subject to acute climate and financial vulnerability. Sri Lanka was ranked second among countries most affected by extreme weather events in the last 20 years by the Global Climate Risk Index 2019 (Eckstein, Hutfils, and Winges 2019). Moreover, Sri Lanka is also financially vulnerable with a high level of public debt (77 percent of GDP), substantial debt repayments in recent years, and large amounts of contingent liabilities held in state-owned enterprises (estimated to be 14 percent of GDP). With a better understanding of both disaster and financial vulnerability, the GoSL can develop appropriate strategies to manage these areas of risk. In this context, the World Bank–Global Facility for Disaster Reduction and Recovery (GFDRR) Disaster Risk Financing and Insurance Program is collaborating with GoSL to define, assess, and quantify the costs affecting GoSL after a disaster happens. Increased understanding and accurate quantification of post-disaster liabilities will help GoSL make informed decisions about how to best to manage these liabilities. The expectation is that having assessed risks, the government will be better able to secure financing, use and monitor funding, and reduce financial risk. Securing financing may include integrating disaster risk into fiscal risk and public debt management, improving the post-disaster budget response capacity, and clarifying post-disaster financial assistance. Effectively managing disaster risk should also help reduce the negative impact of fiscal shocks to the economy.
The Maldives is vulnerable to the impacts of natural hazards however, the frequency and associated losses of events are comparatively low. This report identifies and estimates the disaster-related liabilities in the Maldives and presents potential actions to manage them. Expenditures made in response to disasters are referred to as disaster-related contingent liabilities. These expenses arise only if a contingent event, such as a disaster, happens. The objective of this report is to identify and quantify liabilities that may arise when natural disasters occur in the Maldives, and to present potential actions to manage them. In this context, the World Bank–GFDRR disaster risk finance and insurance program (DRFIP), in collaboration with the GoRM, has sought to define, assess, and quantify disaster-related liabilities. Having assessed risks, it is hoped that the government will be more able to secure financing, use and monitor funding, and reduce financial risk. Securing financing may include integrating disaster risk into fiscal risk and public debt management, improving the post-disaster budget response capacity, and clarifying post-disaster financial assistance.
This brief presents the results of a study on how infrastructure investment and development can increase per capita income, promote job creation, and reduce poverty in Uttar Pradesh by 2032–2033. Data show that Uttar Pradesh is the most populous state in India and the third-largest contributor to national output as of 2018. Yet, the structure of its economy needs improvement to address slow economic growth and a high poverty rate. To promote inclusive growth and job creation, the study recommends an infrastructure and investment plan for projects in the areas of transport, logistics, power, water supply, sanitation, and skills development.
This policy brief discusses how Bhutan can maximize the benefits of its demographic transition, which is providing a larger working-age population and a lower dependency burden. Bhutan is undergoing a rapid demographic transition as a result of higher life expectancy and literacy rates, and a steep reduction in fertility. The country has benefited economically from a higher proportion of working-age people. However, as the demographic transition continues the old-age population will increase, turning the demographic dividend into a demographic tax. Bhutan is halfway through the dividend phase and can use these opportunities to help prepare for population aging.
This report discusses how Sri Lanka can prepare for the challenges of an aging population. By 2050, Sri Lanka will go through an unprecedented demographic transition into an aging population at a lower level of per capita income than other aging economies. This publication analyzes the living arrangements and incomes of the over-60s in Sri Lanka, and patterns and trends of aging. It identifies the challenges the country is likely to face and suggests how policy makers can tackle them.
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