Tsunami reconstruction funds fall short of $4.22b

Tsunami reconstruction funds fall short of $4.22b

Karl Wilson, Agence France-Presse/Manila

Funds raised so far to help rebuild four of the countries worst affected by the Indian Ocean tsunami disaster fall short by US$4.22 billion, the Asian Development Bank (ADB) said on Friday.

According to ADB data some $7.76 billion is be needed by India, Indonesia, the Maldives and Sri Lanka for rehabilitation and reconstruction.

So far, only $3.54 billion has been committed by donor nations and agencies, leaving a funding gap of some $4.22 billion, the bank said, revising its earlier estimate of a $5.25 billion shortfall.

The data is contained in a "Tsunami Recovery Tracking Matrix" which was presented at a one-day international conference organized by the ADB at its Manila headquarters.

The Dec. 26 disaster, triggered by a massive undersea quake measuring 9.0 on the Richter scale, killed more than 270,000 people.

Those attending the conference include ministers from India, Thailand, Indonesia, Maldives, Sir Lanka; representatives from 28 ADB member countries; United Nations agencies; the World Bank; International Monetary Fund, Islamic Development Bank, the private sector and non-government organizations (NGOs).

A spokesperson for the ADB said the matrix "is not definitive."

"There are still a lot of gaps that need to be filled in but it is a start. It is hoped it will be used as a fundamental planning tool for donors, affected countries, NGOs and the like to get a broad view of what is needed, where the aid is needed and how much will it cost."

According to the ADB's figures the cost for rehabilitation and reconstruction in affected parts of India is estimated at $1.21 billion of which $791.3 million has been committed.

Indonesia will need $4.72 billion of which $1.70 billion has been committed, the Maldives $406.3 million with $187.2 million committed and Sri Lanka $1.42 billion and $864 million.

Thailand was not included in the matrix as "it has not sought international assistance for rehabilitation or reconstruction needs," according to the ADB.

ADB president Haruhiko Kuroda said at the opening of the conference that the distribution of the billions of dollars pledged must be "predictable, transparent, strategic and effective.

"As the recovery effort now moves from initial relief to rehabilitation and reconstruction, it is essential to keep the world's attention focused on continued support and ensure that donor confidence in our efforts remains high," he said.

He told the conference that in India almost 700 kilometers of roads were damaged while in Indonesia's Nanggroe Aceh Darussalam, the worst affected areas, some 44 percent of the population were affected.

"These are just a few examples of the tsunami's massive footprint," he said. "Clearly, the rehabilitation and reconstruction needs across all sectors must be addressed in order to meet this huge challenge."