Caddle commends Catastrophe Fund’s health cover

Minister in the Ministry of Investment and Economic Affairs Marsha Caddle has backed Government’s decision to use the Catastrophe Fund to cover health risks such as COVID-19, saying the move is in keeping with current international trends.

Speaking during debate on the bill in the House of Assembly today, Caddle dismissed a claim by Leader of the Opposition, Bishop Joseph Atherley that the pandemic was not to blame for the economic downturn.

She said: “The international community has been treating COVID-19 as a catastrophe and they have all taken funds set aside for such purposes and expanded their reach to include pandemic mitigation.”

The St Michael South Central MP noted that Barbados has expressed interest in joining the Inter-American Development Bank’s Contingent Credit Facility, which allows member nations to gain immediate access to liquidity in the face of natural disasters and other catastrophic events.

Under the facility, countries have access to $600 million (US$300 million) or two per cent of their Gross Domestic Product, whichever is lower, in the event of natural disasters.

The fund, which covers storms, tsunamis and long term environmental issues, including drought and beach erosion, has recently added health risk cover, Caddle noted.

She said: “The COVID-19 pandemic has demonstrated that natural disasters are not the only way in which countries can receive ‘shocks’ that are out of their control.

“While Government has responded rapidly to the pandemic, it is still on its transformation agenda, because we cannot lose sight of our agreement with the people of Barbados to transform their lives.”

On the issue of housing, particularly for low-income workers, Caddle, said: “The Ministry of Housing has received resources to work towards building climate-resilient houses, and we also have a roof replacement programme which will be administered via the Urban Development Commission and other agencies.

“There is a need for housing that is both affordable and resilient, because I recall when I did damage and loss assessments in the wake of natural disasters, all too often it was poor people’s homes that were destroyed as no one insisted on proper building standards, and most of the time these houses were uninsured and the people did not have any savings with which they could rebuild. Everyone must be part of the safety we want to build into this country.”