Disaster Risk Financing in Pakistan
- To effectively manage ex ante and ex post disasters, there is a need for effective community engagement, proper channeling of Corporate Social Responsibility (CSR) budgets and ensuring the availability of data regarding disaster-prone and affected areas.
- Climate change is not a risk, it is an issue. Therefore, it should be treated like an issue. International Financial Institutions (IFIs) should respond to climate change in the same way as they responded to the COVID-19. Without participation from the global capital market, Disaster Risk Financing (DRF) will remain a challenge for developing countries.
- Climate-resilient infrastructure development, especially in the water sector, is crucial to mitigate flood risks and their associated losses. The private sector can play a vital role in introducing modern technologies required for intramural development.
- The government, with the help of international financial and aid institutions, e.g., United Nations Development Programme (UNDP) and International Monetary Fund (IMF), should introduce insurance schemes for the most vulnerable and disaster-prone communities.
