At the time of publication, hurricane Elsa becoming the first hurricane of 2021 – a very early start to the hurricane season. The Category 1 storm is tracking throughout the Caribbean region. In some islands, there are reports of death and infrastructure damage. Damage assessments are ongoing. Power outage is widespread, social and economic activities are further disputed, coupled with COVID-19.
WASHINGTON, USA – No country has been spared the effects of changing weather patterns but developing countries–and island states, in particular, are facing the brunt of climate change while not having contributed to its root causes.
Prime minister of Barbados, Mia Mottley, and Madagascar’s finance minister, Richard Randriamandranto, joined IMF managing director Kristalina Georgieva to discuss the effects of natural disasters on their economies and how policies can be designed to help countries adapt to the new climate reality.
The podcast is a compilation of excerpts from their discussion. Read the transcript. Watch a webcast of the full event at IMF.org.