JAKARTA: Indonesia is aiming to finalize the setup of a global fund for pandemic preparedness, the health ministry said on Saturday, ahead of a meeting of G20 Health Ministers later this month.
Indonesia, which holds the presidency of the Group of 20 biggest economies this year, has been pushing for the establishment of a financial intermediary fund, or FIF, aimed at addressing financing gaps for pandemic preparedness, prevention and action.
G20 countries had provisionally agreed to set up the multibillion-dollar fund in April. Indonesia said the new mechanism will likely be housed at the World Bank and is aiming to finalize details before a meeting of G20 health ministers scheduled on June 20-21.
“On health-related discussions we hope to reach an agreement and there will be other discussions on the technical aspects. We are hoping that by the leaders’ summit there will be an (overall) agreement,” ministry spokesperson Siti Nadia Tarmizi told Arab News, referring to the G20 leaders’ summit scheduled in November.
“Based on the COVID-19 pandemic experience there was a gap for countries that were financially affected, including their readiness to finance pandemic response in their country. As such there needs to be a ready financing mechanism at the global level.”
Tarmizi said that discussions leading up to the ministerial-level meeting later this month will discuss the scope and mechanism for the global fund.
“Our main aim is to strengthen the global health architecture,” she added.
The World Health Organization and the World Bank estimated that the annual funding gap for pandemic preparedness is about $10 billion, and said any preparedness fund should be financed over the next five years “to strengthen the capacity of low-income and middle-income countries.”
The WHO said in its recommendation to the G20 that it is “critical” that the fund does not undermine financing for existing urgent public health needs, and that it “should have a seat at the decision-making table and a central role in implementing the FIF.”
