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MOGADISHU — The Chainman of the Somali Disaster Management Agency (SoDMA), Mohamoud Moalim Abdulle, concluded a significant meeting on disaster management financing procedures aimed at enhancing Somalia’s emergency response capabilities. The event, organized by the Ministry of Finance and facilitated by the World Bank, focused on streamlining funding mechanisms for disaster management projects.
Key discussions revolved around the Catastrophe Deferred Drawdown Option (Cat-DDO), a financial instrument designed to enable the Somali government to swiftly access funds through the national financial system in the event of emergencies. This system is part of an effort to bolster Somalia’s resilience against disasters, particularly those driven by climate change.
During the meeting, participants reviewed the Disaster Risk Finance Diagnostic report, which advocates for a proactive approach, including annually insuring Somali assets against climate risks. The report emphasizes the importance of preparedness in mitigating the economic and social impacts of disasters.
Abdulle described the meeting as highly productive, highlighting the collaborative efforts between Somali financial institutions and international partners in addressing disaster risks. “This is a vital step toward ensuring Somalia is better prepared to manage and recover from disasters,” Abdulle said.
Source: Mustaqbal Media Origin: view original
