Gone with the Wind: Assessing Hurricane Costs in the Caribbean

sebastian-acevedo-2017By Sebastian Acevedo

Version in Español (Spanish)

Hurricanes are a fact of life in the Caribbean. Every year there are, on average, 12 storms that pass through the region, of which about half reach hurricane force winds (winds above 119 kilometers per hour). Hurricanes are the leading cause of natural disasters in the Caribbean, making the region one of the most vulnerable in the world. Yet, only 62 percent of disasters caused by hurricanes have recorded data on economic damages, as the information is difficult to collect.

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Public Roads with Private Money: A Way Ahead

By iMFdirect

When you drive over potholes on downtown streets, are forced to make large detours to cross rivers lacking bridges, and finally arrive to find no cell coverage, connections between the global infrastructure investment gap and your pension fund might not be the immediate thing that comes to mind. But it should, because:

  • Huge pools of available assets: pension funds, insurance companies, mutual funds and sovereign wealth funds sit on $100 trillion in assets. To compare: U.S. nominal GDP in the third quarter of last year was $18 trillion.
  • Huge infrastructure investment gap: between $1 to 1.5 trillion per year worldwide.

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Financial Support for Arab Countries in Transition

The IMF’s assistance varies across the region, given that each country faces its own economic challenges, and the instruments to tackle those challenges must be tailored to address those unique circumstances. I am pleased to say that a few days ago, in response to the authorities’ request, the IMF Board approved two loans in support of the economic reform agendas of Arab countries in transition: one for Jordan under a Standby Arrangement in the amount of $2.05 billion, and another for Morocco in the amount of $6.2 billion under our Precautionary and Liquidity Line (PLL). This follows on our earlier concessional loan to Yemen under the Rapid Credit Facility.

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