Finance Ministry & Partners Roll out Disaster Risk Financing Strategy
Ministry of Finance, in collaboration with the National Disaster Management Agency (NDMA) and the National Commission for Social Action (NaCSA) with support from the World Bank on 16th and 17th August 2024, completed the Regional Dissemination workshops for Local Councils on the Sierra Leone Disaster Risk Financing Strategy and Implementation Plan in the four regional headquarter cities of Makeni, Port Loko, Kenema and Bo.
The Workshop in Kenema covers officials from councils in the Easter Region, Bo in the South, Makeni in the North, and Port Loko North West Region.
The Director of the Fiscal Risk Division, Dr Alhassan Mansaray, in Makeni and Port Loko, explained that the strategic priority area of the document is to strengthen the capacity of government agencies to identify and quantify disaster-related economic loss and financial risk.
He says this will enhance post-disaster expenditure tracking, improve fiscal stability at the national and local levels through establishing a portfolio of disaster risk financing instruments, and strengthen coordination and institutional capacity.
He further explained that the financial implications of disaster are huge, sighting the mudslides and floods that caused an estimated US$ 16.8 million in damages and US$ 14.9 million in losses.
Dr Mansaray continued that the combined fluvial and pluvial flood annual average loss to buildings in Freetown, Makeni, and Bo is US$ 2.8 million, with economic growth contracted by 2% because of the immediate impact of the COVID-19 pandemic.
Dr. Mansaray concludes that the Ministry has been operating in a tight fiscal space whenever a disaster occurs by redirecting money meant to be spent on other areas to address disaster, which He says is one of the reasons for developing this document.
The Representative from the National Disaster Management Agency (NDMA), Sinneh Mansaray, stated that they coordinate and manage national emergencies such as landslides, floods, and fire incidents, categorised into three levels.
They furthered that the Agency, through the government of Sierra Leone, has been providing relief responses to disaster victims across the country.
The representative from the National Commission for Social Action (NaCSA), Abdulrahman Kunateh, said the country has suffered from multiple natural hazards that caused severe economic damage and affected vulnerable households in the past years.
He further stated that the government has invested in strengthening its social protection systems and cash transfer programming.
Similarly, in Bo and Kenema, Joseph Fatoma, Deputy Director of the Fiscal Risk Division in the Ministry of Finance, assured the Local Council that the government now has contingent funds for disaster issues, unlike previous disaster issues wherein the government had to look out to donors for funding.
The representatives of Councils thanked the Ministry and the Agencies of Disaster Management for the initiative. They promised to work with the government and set aside funds for disaster-related matters in their localities.
The Workshops cover Disaster Management and Incident Management Systems, Beneficiary Assessment and Mapping, Core Principles of Disaster Risk Finance, the Capitalisation of the Reserve Fund, and Nomination of Disaster Risk Financing Strategy district and regional focal persons.
