Asia-Pacific region facing ongoing disasters: Abel

National

Climate-related and non-climate-related disasters are becoming the norm in the Asia-Pacific region, the Apec finance ministers’ meeting has been told.
Deputy Prime Minister and meeting chairman Charles Abel told a press conference yesterday that the region was experiencing ongoing disasters and they seemed to be more prevalent.
“Economies of this region suffer greatly,” he said.
“It’s all about dealing with that risk now: Building climate resilience, weather resilience, infrastructure, financing mechanisms and financial buffers.
“It’s very topical. It affects lesser-developed economies.
“It is something very critical to our agenda as finance and treasury ministers, and how we prepare and respond to the disasters and protect our people.”
The ministers in a joint statement yesterday said they recognised the importance of developing robust financial management to address increasing disaster in the Asia-Pacific region.
They welcomed the work of the Apec working group on disaster risk financing and insurance in 2018.

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