REMARKS: SG Puna at Pacific Disaster Risk Finance Workshop

Salutations-
 

• Honourable Sakiasi Ditoka, Minister for Rural, Maritime Development and National Disasters for the government of Fiji,
• PCRIC Management team and Distinguished Partners.
• Esteemed participants gathered here and joining virtually.
• Friends.

1. It is with great honour that I have been invited to deliver some opening remarks in this historical regional workshop organised by our very own regional organisation, the Pacific Catastrophe Risk Insurance Company or PCRIC on Disaster Risk Finance.
2. In reflecting on the journey to date, we must cast our minds back to 2007, a pivotal year when the Finance and Economic Ministers of the Pacific, recognizing the perennial shadow cast by climate change and natural disasters, sought the assistance of the
3. World Bank in establishing a Pacific Institution to help build financial resilience for our Member countries. It was this foresight and leadership that sowed the seeds for the achievements we acknowledge and celebrate today.
4. After a decade marked by unwavering dedication and collaborative effort, a significant milestone was reached in 2015 when the finance ministers took their most decisive step.
5. It was during this pivotal era, while I had the privilege of serving as the Prime Minister of the Cook Islands, that the path was laid for the establishment of the Pacific Catastrophe Risk Insurance Company. Officially inaugurated in 2016 and based in the in the Cook Islands, PCRIC symbolizes a landmark achievement in our collective journey.
6. From its inception, the vision was clear – to create a mechanism that would provide immediate liquidity to our nations in the aftermath of a disaster, a vision that has not only stood the test of time but has evolved into the robust structure we rely upon today.
7. Initially, the focus was on post-disaster fund disbursement, a concept that has been continually refined and improved upon. This workshop stands as a testament to our ongoing commitment to learn, adapt, and strengthen our mechanisms for disaster risk financing in all its incarnations.
8. Over the next two days, you will deepen your understanding of Disaster Risk Financing, forge and reinforce networks among DRF practitioners, and integrate DRF into our Public Financial Management systems for improved efficiency and coordination.
9. In that regard, I am sure you will come to appreciate that one instrument cannot be the panacea for all disaster eventualities, and we must continue to research and come up with evolving modalities that account for the ever-changing nature of disaster risks. Covid-19 was one such example of the changing nature of risks we face and will continue to encounter.
10. I want to acknowledge the generous support of our donors and the unwavering commitment of our stakeholders. Your collaboration and partnership are the keystones of our collective resilience and preparedness.
11. I also want to make mention of PIFS pivotal role in coordinating the Disaster Risk Finance – Technical Working Group under the Pacific Resilience Partnership and the FRDP. A multi-stakeholder collaboration and coordinating mechanism for DRF in the Pacific.
12. As we engage in this pivotal exchange of knowledge and strategy, I extend heartfelt wishes for an insightful and productive workshop. May our deliberations chart the course for a region fortified against the inevitable challenges of climate change and disasters.
13. In closing I want to congratulate PCRIC, its management and the Board for their hard work in making PCRIC a strategic organisation in the DRF space and in providing immediate liquidity to participating countries post disasters.
14. I am confident that your collective efforts over these two days will forge a path toward a resilient and financially robust Pacific.

I thank you. - ENDS