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What people want: building resilience and stability in conflict and crises

‘Hurricane clause’ in bonds helps countries struck by disaster

hurricane FT

Image credit: Hurricane Ivan, which pummelled Grenada in 2004, plunged the country into a debt crisis © Getty

Fifteen years ago Grenada suffered a devastating blow when Hurricane Ivan swept over the small Caribbean island. The storm tore down buildings, shredded Grenada’s vital crops of nutmeg and killed 39 people in a country with a population of just 100,000. Even the prime minister was rendered temporarily homeless. All told, the damage was equal to twice the island’s annual economic output, and plunged Grenada into a debt crisis that took the country more than a decade to recover from. Today, Grenada is enjoying an economic renaissance. But more pertinently to other small storm-ravaged countries, it has pioneered an innovative “hurricane clause” in its bonds that is now gaining fans from the IMF to the International Capital Markets Association, a trade body…

 

What people want: building resilience and stability in conflict and crises

This guest blog was contributed by Matthew Wyatt, Deputy Director and Head of Conflict, Humanitarian and Security Department, and Barbara Lecq, Protracted Crises Adviser, of the UK’s Department for International Development

Over the last 25 years, more than one billion people lifted themselves out of extreme poverty.[1] But this tremendous progress has not benefited all equally. People living in low-income countries, and in countries affected by conflict and fragility, are least likely to achieve the Sustainable Development Goals (SDGs). Between 2004 and 2014, 58% of deaths from disasters occurred in the top 30 most fragile states.[2] Today, nine of the ten humanitarian emergencies receiving the most humanitarian assistance worldwide are in extremely fragile countries.[3] By 2030, 80% of the world’s extreme poor are likely to live in fragile and conflict-affected states…

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This entry was posted on 09/06/2019 by in Uncategorized and tagged , , .

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