G20 committed to financing better pandemic response : Finance Minister Sri Mulyani

id g20,pandemic response,Financial Intermediary Fund

G20 committed to financing better pandemic response : Finance Minister  Sri Mulyani

Finance Minister Sri Mulyani Indrawati speaks in The 1st G20 Finance and Health Ministerial Meeting (21/6/2022). (ANTARA/AstridFaidlatulHabibah)

Jakarta (ANTARA) - The leaders of 19 countries with the largest economies in the world and the European Union have emphasized the importance of finance for building better global health security in response to the devastating pandemic.

In the G20 Rome Leaders’ Declaration released in October 2021, the leaders acknowledged that financing for pandemic prevention, preparedness, and response has to become more adequate, more sustainable, and better coordinated.

It requires continuous cooperation between health and finance decision-makers, including to address potential financing gaps, mobilize an appropriate mix of existing multilateral financing mechanisms, and explore setting up new financing mechanisms.

The G20 leaders have also conveyed their support for the ongoing work on strengthening the leading and coordination role of an adequately and sustainably funded World Health Organization (WHO).

Following last year’s declaration, G20 members and several relevant international organizations have agreed to work together to create the Financial Intermediary Fund (FIF) to help countries in need to face any pandemic in the future.

To date, the G20 has pushed for an emergency fundraising commitment of around US$1.1 billion from five member countries and one international social organization to mobilize the role of FIF.

The pledges have come from the United States, the European Union, Germany, Indonesia, Singapore, and the Wellcome Trust.

During the 1st G20 Joint Finance and Health Ministerial Meeting held in Yogyakarta on Tuesday, Indonesian Finance Minister Sri Mulyani Indrawati underlined the urgent need for collaboration between the health and finance sectors to better prepare for future pandemics, considering that the COVID-19 will not be the last.

“The world is definitely watching us ... how the G20 are going to respond with delivering concrete action in pandemic preparedness and response. The world is waiting for us,” Indrawati remarked.

Furthermore, she also asserted the importance of inclusivity in the work of FIF, led together by the WHO and the World Bank, which requires the involvement of both developed and developing countries.

“Only then, we can be effective in preparing to tackle the next global pandemic together,” Indrawati said. “I would like to acknowledge the central role of the WHO in fighting the pandemic and the importance of including the voice of developing countries in our institutional arrangement to create the most effective system for pandemic preparedness and response,” she added.

The WHO and the World Bank have estimated that US$31 billion will be required annually for strengthening global health security, WHO Director-General Tedros Adhanom Ghebreyesus said at the 1st G20 Health Ministerial Meeting in Yogyakarta on Monday (June 20).

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