Photo: Chewy Lin.
The World Bank Group has released $11 million to support the Republic of the Marshall Islands’ response to the impacts of El Niño conditions and an ongoing dengue outbreak.
The contingent financing follows a State of Emergency declared by the RMI on October 8.
The new funding comes following a September 24 Country Portfolio Performance Review with the World Bank that recognized “the strong standing of RMI’s World Bank portfolio compared with others in the region.”
The bank said El Niño conditions have brought hazardous winds and ocean swells and increasingly dry conditions, putting pressure on water supplies, food security and livelihoods. At the same time, the dengue outbreak has affected Majuro and Ebeye, placing additional pressure on health services and government resources.
“For families across the Marshall Islands, El Niño and dengue are putting added pressure on daily life and the services they rely on,” said Tatiana Proskuryakova, World Bank Group Director for the South and North Pacific. “This rapid financing is about getting support to communities when they need it most while keeping the critical services people depend on running.”
The $11 million is being provided through the Marshall Islands’ Catastrophe Deferred Drawdown Option, a pre-arranged source of financing that can be accessed when a qualifying emergency occurs. The financing was released following the government’s request and declaration of a State of Emergency.
The drawdown builds on steps the Marshall Islands has already taken to strengthen its ability to respond quickly to shocks. Earlier this year, the government became the first country in East Asia and the Pacific region to activate the World Bank Group’s Contingent Emergency Response Project, mobilizing $3.6 million from its existing World Bank Group portfolio to help households cope with the impacts of the fuel crisis.
“This financing demonstrates the value of preparing before a crisis occurs,” said Minister of Finance David Paul. “By strengthening our financial preparedness in advance, the Marshall Islands is able to access resources quickly when emergencies arise and respond more effectively to protect communities and maintain essential services.”
The World Bank Group continues to work with the government of the Marshall Islands to strengthen disaster risk management and public financial management, helping the country withstand future shocks while protecting the foundations for growth, jobs and opportunity, the World Bank said in a release.
Technical assistance to support the government is being provided by the Global Facility for Disaster Reduction and Recovery.
Following the twice-annual World Bank Country Portfolio Performance Review held on September 24, the World Bank issued a statement recognizing the stellar work of the Ministry of Finance and related partners in the RMI.
“This review highlighted the strong standing of RMI’s World Bank portfolio compared with others in the region, with RMI described as a ‘North Star’ for portfolio performance,” said the World Bank.
“The portfolio’s satisfactory performance reflects the hard work of implementing agencies, project implementing units, and the central implementing unit. Their efforts have been supported by the leadership of the Ministry of Finance, Banking and Postal Services, particularly Minister Paul and the Ministry’s management team. During the review, implementing agencies, project implementing units and the central implementing unit expressed their enthusiasm to keep up the momentum and maintain the portfolio’s strong performance record.”