Resilient

News and Press Release in English on Panama about Contributions, Coordination and more; published on 23 Jan 2023 by World Bank.

It supported the update of the country’s DRM policy framework through the enactment of the DRM National Policy, developing a planning instrument to efficiently implement the DRM National Policy, and supported the adoption of a framework for the financial management of disaster risk that includes contingency financing, insurance products, and a national emergency fund. As a result of this dialogue, the Government requested three new operations to meet expected medium- and long-term financial requirements: (a) an emergency loan for US$20 million under Fast Track COVID-1925; (b) a DPL operation for US$300 million aiming to support the post pandemic recovery agenda26, and (c) a second DPL with Cat DDO for US$100 million. The World Bank also collaborated with local governments, academia, and civil society to improve the design of this operation. The World Bank, through the International Bank for Reconstruction and Development (IDA), provided funding totaling $66 million to help finance this project. The World Bank supported the Ministry of Economic and Finance (MEF) and several other public institutions to implement a comprehensive and multi-sectorial policy agenda aiming to enhance their capacity to manage disaster risk. Panama has instituted critical reforms to improve its technical and institutional capacity to manage the disaster risk resulting from natural and health-related hazards.