EC-X1014 : Contingent Loan for Natural Disaster Emergencias

The objective of the operation is to mitigate the impact that a severe or catastrophic disaster could have on the country¿s public finances, by increasing the availability, stability, and efficiency of contingent financing to deal with emergencies caused by events of this type. The operation will provide the country with rapid access to liquid resources, enabling it to structure stable, efficient ex ante financial coverage so that it can deal, on a timely basis, with the extraordinary expenditures that could arise in emergencies caused by severe or catastrophic natural disasters. The operation also promotes development by the Ecuador Government of effective mechanisms for the comprehensive management of natural disaster risks through the Comprehensive Natural Disaster Risk Management Program. This program promotes improvements in the identification, reduction, and financial management of risks, as well as in disaster management.