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JAKARTA, Indonesia, Apr. 24, 2022, Antara News Agency=KYODO JBN/--

G20 members have urged the World Bank to immediately prepare for the

establishment of the Financial Intermediary Fund (FIF), Finance Minister Sri

Mulyani Indrawati stated.

FIF should be formed immediately in the framework of pandemic preparedness and

response (PPR) in the future, the minister emphasized.

"The (G20) presidency concluded that the World Bank should start exploring the

process for developing and establishing FIF," Indrawati remarked at the second

meeting of the G20 Finance Ministers and Central Banks Governors (FMCBG) press

conference here on Thursday.

According to the minister, G20 members view FIF as being the most effective

choice for new financial mechanisms, especially in preparing for other

potential pandemics in future.

Indrawati believes this is because the establishment of FIF is viewed as being

able to overcome the financing gap in the health sector as what had occurred

during the current COVID-19 pandemic.

"Most (G20) members agree on the need for a new financial mechanism dedicated

to addressing the financing gap in PPR," she stated.

Hence, she explained that G20 members hope that the establishment of FIF would

mitigate the health financing needs in line with the World Health

Organization's (WHO's) expectations.

Moreover, G20 members called on the World Bank to explore discussions on the

governance and operational regulations of FIF by involving the WHO.

"There is widespread support for WHO and the World Bank regarding the

assessment of significant financing gaps that need to be addressed," Indrawati

remarked.

Earlier, on April 1, the Indonesian finance and health ministries resumed the

third G20 Joint Finance and Health Task Force (JFHTF).

At the meeting, JFHTF co-chair Wempi Saputra invited G20 member countries to

draw up a financing action plan for pandemic preparedness and response (PPR).

"The third JFHTF meeting is an important step for all member countries in

drafting the financing strategies for prevention, preparedness, and response to

the pandemic or PPR," Saputra stated.

Meanwhile, one of the main agendas of Indonesia's G20 Presidency is global

health architecture.

SOURCE: Ministry of Communication and Informatics

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=419728

   Caption: Indonesian Finance Minister Sri Mulyani Indrawati met with World Bank Group

President David Malpass at the G20's second meeting of the FMCBG in Washington

D.C on Wednesday (April 20, 2022). Minister Indrawati and President Malpass

discussed structural reforms and other steps toward a sustainable post-pandemic

recovery.