MOGADISHU, Somalia – The Commissioner of the Somali Disaster Management Agency (SoDMA), Mohamud Moallim, wrapped up a fruitful meeting on Tuesday focused on enhancing financing for disaster management initiatives across Somalia, officials said.
The meeting, organized by Somalia’s Ministry of Finance and with facilitation from the World Bank in the capital Mogadishu, delved into the intricacies of the Catastrophe Deferred Draw Down Option (Cat-DDO) system.
This financial mechanism is designed to allow the Somali government to access funds swiftly in response to emergencies by channeling money through the national financial framework.
Participants were also briefed on the Disaster Risk Finance Diagnostic report, which recommends a forward-looking strategy for annually insuring national assets vulnerable to the impacts of climate change.
The discussions underscored the importance of financial preparedness to mitigate the effects of natural disasters, an increasingly pressing issue given Somalia’s susceptibility to climate-related events.
The meeting marks a collaborative effort between Somali authorities and international partners to bolster the country’s resilience against future disasters through strategic financial planning.
