India, Dec. 16 -- MANILA - The Asian Development Bank (ADB) has approved a $20 million financing to improve fiscal sustainability and strengthen Vanuatu's ability to respond to disasters.
The financing package comprises a $10 million policy-based grant to enhance fiscal sustainability through reforms in domestic resource mobilization, public expenditure, and state-owned enterprise (SOE) management, as well as a $10 million multi-year contingent disaster financing (CDF) with a replenishment option under theEnduring Fiscal Position Program. The combined approach enhances fiscal resilience and creates synergies with disaster risk management and preparedness to strengthen existing frameworks for disaster response and health emergencies.
"The ...