By forging public-private partnerships amongst various stakeholders including policymakers, international organisations and the private sector, ADRFI will play a key role in forging a robust and comprehensive disaster risk financing strategy in the region. This will help to strengthen ASEAN’s disaster risk resilience, and move our economies onto a sustainable and inclusive growth path. Conclusion 21. In conclusion, climate change and natural catastrophes are clear and present dangers in ASEAN. We must act quickly to fortify our economies by adopting a comprehensive disaster risk financing strategy. This is a complex undertaking, but we can solve this together through regional collaboration and knowledge sharing. ADRFI Phase 2, providing a focal point for regional cooperation in disaster risk financing, marks a significant milestone in our journey towards enhancing ASEAN’s disaster risk resilience. 22. Singapore, along with our ASEAN counterparts, remains strongly committed to protecting our societies against the effects of natural disasters. I am pleased that NTU is contributing to this significant initiative in many ways, and we look forward to the strong commitment and support from our public and private partners. 23. Thank you. 1 Global Climate Risk Index 2019 2 ACDM comprises the national emergency authorities. SCDF is Singapore’s representative. 3 Thailand, Malaysia, Myanmar, Philippines and Singapore. 4 Insurance Development Forum (IDF) is a public-private partnership led by the insurance industry, United  Nations and World Bank, and aims to enhance the use of insurance to build greater resilience for people, communities and businesses, and public institutions that are vulnerable to disasters.

But there have been shafts of light amidst the general gloom - and I prefer to focus on those this evening. In terms of the global economy there are now tentative signs that the worst may soon be over, with the prospect of gradual recovery as we move through this year. That should provide some support for global equity markets. With inflationary pressures subdued, monetary policy generally can, for the time being at least, afford to remain reasonably supportive - though I make no predictions as to what that may mean for interest rates. And crucially, for all of us, the international financial system has so far and I recognise that problems are often slow to surface but it has so far - stood up well to the successive shocks. Much more broadly, I am encouraged that - as with the Asia crisis a few years ago - the recent pressures have not generally called into question the real benefits of the market economy, in terms of growth, and employment, and rising living standards, but have rather contributed to a growing recognition that those benefits can by-pass poor countries, and poor communities within countries, and that it is in our collective interest that those who are excluded, one way or another, should be helped to help themselves to participate in those benefits. In the context of globalisation, that was reflected in the Doha agreement on a new round of world trade negotiations; and development financing will be the theme of the Monterrey Summit next month.