Opinion: Disaster risk finance mechanisms must be fit for crises

The World Bank and International Monetary Fund annual meetings are taking place days after the horrific terrorist attacks by Hamas against Israeli and international citizens, and in the wake of Israel’s declaration of a “complete siege” on the Gaza Strip. The conflict casts a long shadow on the meetings.

The meetings are also being hosted in Marrakech, Morocco, just a month after nearly 3,000 people lost their lives and half a million more were displaced by the devastating earthquake — a testament to the resilience and determination of the Moroccan government and people.

While the world of finance may seem far removed from the devastation in the High Atlas Mountains, the two are intrinsically connected. Prearranging finance before a shock enables the fast and targeted finance that is critical in responding to any disaster.