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Asia and Pacific > Maldives

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Cover Policy Papers
Small States Resilience to Natural Disasters and Climate Change - Role for the IMF
International Monetary Fund
Small developing states are disproportionately vulnerable to natural disasters. On average, the annual cost of disasters for small states is nearly 2 percent of GDP—more than four times that for larger countries. This reflects a higher frequency of disasters, adjusted for land area, as well as greater vulnerability to severe disasters. About 9 percent of disasters in small states involve damage of more than 30 percent of GDP, compared to less than 1 percent for larger states. Greater exposure to disasters has important macroeconomic effects on small states, resulting in lower investment, lower GDP per capita, higher poverty, and a more volatile revenue base.
Keywords:
PP; climate change financing; contingent financing arrangement; disaster risk financing tool kit; financing needs; Fund emergency financing; low income; Fund financing; balance of payments; disaster financing approach; debt management; central bank; B. risk financing toolkit; Natural disasters; Climate change; Climate finance; Disaster aid; Insurance; Global; Pacific Islands; Caribbean; Sub-Saharan Africa