G20 ambitious on plan to roll out pandemic fund this year

YOGYAKARTA, Indonesia, June 24, 2022 /PRNewswire/ -- Finance Ministers and Health Ministers of the world's 20 largest economies agree to establish a ground-breaking pandemic fund to help the world better prevent, prepare for and respond to future pandemics.

Indonesian Health Minister Budi Gunadi Sadikin and Finance Minister Sri Mulyani Indrawati co-chaired the 1st G20 Joint Finance and Health Ministers' Meeting (JFHMM), during which G20 member states agreed to the establishment of a Financial Intermediary Fund (FIF) for Pandemic Preparedness, Prevention, and Response (PPR) under the trusteeship of the World Bank and technical guidance of the WHO.

"I am pleased to announce a commitment of over USD 1.1 billion has been secured for the Financial Intermediary Fund for pandemic PPR." Minister Mulyani said. Indonesia commits to contribute USD 50 million, Singapore USD 10 million, the United States USD 450 million, the European Union USD 450 million, Germany Euro 50 million (USD 52.7 millions) and Wellcome Trust £10 million (USD 12.3 million). G20 member states also highlighted that the fund would be inclusive in nature and allow access middle to low income countries to utilize it.

The JFHMM conclusion will also be discussed at the next Finance Ministers and Central Bank Governors' (FMCBG) Meeting next month and to be followed up at the next Joint Finance-Health Task Force (JFHTF) meeting.

Indonesian Health Minister Budi empasized that the G20 JFHTF has made progress in discussing further the idea of FIF establishment that was first introduced during 2021 Italian G20 presidency. "I am confident that we will achieve concrete results by October, which includes the establishment of the FIF and coordinating platform collaboration," Minister Budi said.

Two meetings also agree on the universal verification of COVID-19 vaccine certificates, health protocols to ease global mobility, and the expansion of the Global Manufacturing and Research Hub for PPR, especially the production of vaccines, therapeutics, and diagnostics to take place in developing countries.

WHO Director General Dr. Tedros Adhanom Ghebreyesus, World Bank, GAVI, CEPI, The Global Fund and The Bill and Melinda Gates Foundation attended the meeting. Dr. Tedros said that FIF must also be coherent with other global health initiatives. "This platform should be built on the experience of the ACT Accelerator, the Pandemic Influenza Framework and other mechanisms. This is an important focus of the G20 health track under Minister Budi's leadership," he said.