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JAKARTA, Indonesia, June 22, 2022/Antara News Agency=KYODO JBN/--

The G20 members and several relevant international organizations agreed to work

together to create the Financial Intermediary Fund (FIF) to help countries in

need to face any pandemic in the future.

During the 1st G20 Joint Finance and Health Ministerial Meeting held in

Yogyakarta on Tuesday, Indonesian Finance Minister Sri Mulyani emphasized the

urgency for collaborative work between health and finance sectors to better

prepared for future pandemics, considering that the COVID-19 would not be the

last.

“The world is definitely watching us—how the G20 is going to respond with

delivering concrete action in pandemic preparedness and response. The world is

waiting for us,” Mulyani remarked.

Furthermore, she also asserted the importance of inclusivity in the work of

FIF, led together by the World Health Organization (WHO) and the World Bank,

which required the involvement of both developed and developing countries.

“Only then, we can be effective in preparing to tackle the next global pandemic

together,” Mulyani stated.

“I would like to acknowledge the central role of the WHO in fighting 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 estimated that US$31 billion is required annually

for strengthening global health security, according to WHO Director General

Tedros Adhanom Ghebreyesus.

About two-third of that fund could come from existing resources but that leaves

a gap of US$10 billion per year. Hence, he expects that the FIF would help

close that gap.

WHO and the World Bank have been cooperating to establish the FIF, which would

be overseen by a board that takes a decision on funding allocation supported by

a technical advisory panel.

Both the board and the technical advisory panel would be supported by the joint

WHO-WB secretariat based at the Bank’s headquarters in Washington, with

assisting staff from the WHO.

According to the plan, the Bank will provide financial and administrative

leadership at the secretariat, operate as a representative for the FIF, hold

and transfer relief funds, as well as provide administrative services.

Meanwhile, the WHO will provide technical leadership; coordinate input for the

technical advisory panel; and prepare relevant technical documentation,

recommendations, and reports for the council.

Both the World Bank and WHO will act as implementing entities, along with other

global health partners with relevant expertise, including the Global Fund, the

Global Alliance for Vaccines and Immunization (GAVI), and the Coalition for

Epidemic Preparedness Innovations (CEPI).

“We look forward to your active participation in building and financing a FIF

that is inclusive, equitable, and effective in making our world safer from

pandemics,” Tedros noted.

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 came from the United States, the European Union, Germany,

Indonesia, Singapore, and the Wellcome Trust.

Additionally, Indonesian Health Minister Budi Gunadi Sadikin stated the meeting

was not only focusing on the FIF as the source of funds to face future

pandemics, but the world must also think about the uses of funds.

“Because money is (only) half the solution for the health crisis. We need to

translate this money into access to vaccines, medicines, and diagnostic tools,”

he said at a press conference after the joint ministerial meeting.

In order to create such access, he explained, the engagement with private

sectors as the producers of vaccines, therapeutics, and diagnostics was crucial.

“We need to talk to them, to engage with them. How can they maintain a certain

volume commitment? How then we will be able to distribute equally and very

quickly if the next pandemic happens?” he noted.

The establishment of FIF is still in the ongoing discussion that will be

continued at the next G20 meetings, hosted this year by Indonesia.

However, as the G20 President, Indonesia will continue to gather as much as

possible support from more countries as well as an international organization

even philanthropists, in order for them to be able to contribute to the

financing side of pandemic preparedness and response.

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=423880

   Caption: Indonesian Health Minister Budi Gunadi Sadikin (left) and Indonesian Finance

Minister Sri Mulyani (right) at the 1st G20 Joint Finance and Health

Ministerial Meeting held in Yogyakarta on Tuesday (21/6/2022).

Source: Ministry of Communication and Informatics of Republic of Indonesia