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International News: International Monetary Fund warns St. Lucia to build buffers for mounting climate risks

climate change

Posted: Monday, November 21, 2022. 10:15 am CST.

By Zoila Palma Gonzalez: The International Monetary Fund (IMF) has warned Saint Lucia that its economy will face intensifying risks of natural disasters linked to climate change, Reuters report.

The IMF cited that “downside risks dominate” referring to the pandemic, higher food and energy prices, costlier imports, tighter financial conditions, and the rising costs of natural disasters for St. Lucia.

The IMF predicts that natural disasters could cost St. Lucia about 0.7% of gross domestic product in 2022.

Despite financial constraints, it highlighted “the importance of developing a strong disaster insurance strategy while structural resilience is built.”

The IMF encouraged world leaders to prioritize spending and increase pass-through of global energy prices while supporting vulnerable households with targeted transfers.

 

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