The Government is working to strengthen its suite of disaster risk financing instruments to safeguard against the uncertainties of natural disasters.

This as the Andrew Holness-led administration signals its intention to renew the Caribbean Catastrophe Risk Insurance Facility policy in May 2026.

While opening the Budget Debate in the House of Representatives yesterday, Finance Minister Fayval Williams said the Government will maintain savings in the National Natural Disaster Risk Financing (NNDRF), National Disaster Fund (NDF) and Contingencies Fund, while also seeking to renew contingent credit lines to strengthen its risk-retention capacity.

She added that the Government will continue to explore new instruments to build structural resilience and mitigate potential damage from natural disasters.

Mrs Williams said that having these buffers against natural disasters is an important underpinning for international rating agencies’ assessment of Jamaica’s creditworthiness.

The Minister emphasised that the confidence of rating agencies and international partners in Jamaica’s creditworthiness benefits not only overseas investors but also Jamaicans at home.

She cautioned that life could become very difficult if Jamaica were to lose the faith and confidence of the global financial community.