The new Contingency Fund is important to protect public finances from natural disasters. This from the IMF staff following their recent visit.
To ensure its effectiveness, a specific legal framework defining the governance and operational framework should be established.
Alongside, efforts should continue to strengthen disaster preparedness, which includes updating the National Emergency and Disaster Act, conducting a national risk assessment for disasters, and updating river basin flood risk maps.
Enhancing public education and awareness would be useful to improve compliance with the regulations on land use planning and the building code.
A strategy to relocate communities facing threats from coastal erosion should also be developed, while the National Emergency Management Office should be provided with resources for immediate emergency disaster response.