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Publication( 2016-10) World Bank GroupDisasters resulting from natural hazards represent an important challenge for Colombia’s fiscal sustainability and stability. Colombia is one of the countries with the highest recurrence rate of disasters caused by natural hazards in Latin America (see the Annex)1. As the country’s population and economy continue to grow, so will the economic losses resulting from such events, an average of 600 disaster events of which is reported per year2. Colombia’s rate of economic growth is increasing the base of assets exposed to disaster risks, which may lead to significant increases in losses, particularly if investments in new assets are not accompanied by plans for mitigating disaster risk. The Government of Colombia (GoC) recognizes the importance of mitigating these events and has taken several steps to mainstream disaster risk management into its policy and programs, as evinced by the National Development Plan ‘2014-2018’, ‘all for a New Country’. The MHCP is committed to developing strategies for reducing its contingent liabilities in relation to disasters and to managing the fiscal risk resulting from these events. This document presents the priority policy objectives that have been established to assess, reduce, and manage fiscal risk due to natural disasters. It also describes the MHCP’s efforts to progress its policy objectives in the long term. These policy objectives represent the MHCP’s ex ante policy framework regarding management of financial and fiscal disaster risk. The MHCP identifies three priority policy objectives in order to strengthen management of the Government’s contingent liabilities and thus support the goal of achieving macroeconomic stability and fiscal balance. The policy objectives are: (i) identification and understanding of fiscal risk due to disasters; (ii) financial management of natural disaster risk, including the implementation of innovative financial instruments; and (iii) catastrophe risk insurance for public assets.
Analysis of Disaster Risk Management in Colombia : A Contribution to the Creation of Public Policies(Washington, DC: World Bank, 2011) Campos Garcia, Ana ; Holm-Nielsen, Niels ; Diaz G., Carolina ; Rubiano Vargas, Diana Marcela ; Costa P., Carlos R. ; Ramirez Cortes, Fernando ; Dickson, EricThe objective of this analysis is to assess the state of progress of risk management in Colombia and propose recommendations to help the Government set public policy in the short-and long-term. For this reason, the study sought to: (i) establish the risk and impact of disasters in recent decades, (ii) identify legal, institutional and conceptual themes in the country, (iii) review the state and evolution of investment in risk management, (iv) analyze the role of local authorities and industry in the risk management, and (v) identify gaps and challenges in the definition of the responsibilities of public and private sectors. This report, a product of joint work with multiple public and private agencies, is not limited in analyzing the causes of risk and measuring their growth. By contrast, it elaborates on the institutional developments in the risk management at different levels of government and how the topic is incorporated in the territory of public administration and industry. It further states the great opportunities for joint risk management instruments of disaster planning, investment, existing monitoring and control, and shows the need to define public and private responsibility as part of a reduction strategy of the state's fiscal vulnerability. In conclusion, the study shows that if the country does not want to see economic growth accompanied by more frequent and larger losses it will be essential to have a radical change in development policies and land management practices and industry. Therefore, the present document defines a set of recommendations to improve management of disaster risk at the level of state policy, showing that the priority to reduce the impact of disasters is based on the task of improving conditions of use and occupation of territory.