G20 Health, Finance Ministers Start New Pandemic Fund

The COVID-19 pandemic caught the entire world unprepared, leading to rash actions with major long-term consequences just so that people could survive the conditions at the time when the pandemic first emerged. Now, G20 experts are determined to prevent something like that from happening again, which is why G20 health and finance ministers agreed to launch a new fund for that exact purpose.

According to recent reports, the ministers created a $1.4 billion fund this Sunday, intending to tackle the new global pandemic before the bloc’s leaders’ summit in Bali, Indonesia. However, according to the country’s president, this is still not enough.

The new fund is nowhere near the necessary amount

The fund is the result of the collaboration of 24 nations and one of the earlier outcomes of the summit. One of the main focuses of the gathering is expected to be the Ukraine crisis. However, since Vladimir Putin will not be attending the global leaders-involving event, little to no progress is expected on that front.

Just before the summit, however, Indonesian President Joko Widodo announced the launch of the fund alongside the WHO chief, Tedros Adhanom Ghebreyesus, and David Malpass, the president of the World Bank.

These are some of the most influential people in the world, and they revealed that the G20 intends to build a pandemic fund to prevent and/or prepare for the next pandemic. So far, the fund has received donations from members and non-members of G20 alike. However, Widodo insisted that the amount collected was far from enough. In fact, he stated that the calculations show that $31 billion is needed to tackle the future pandemic, while the fund currently only has $1.4 billion.

Nations of the world are urged to donate to the fund

Nearly one-third of the collected amount, $450 million, was donated to the fund by the US, with the Treasury Secretary, Janet Yellen, noting that the fund represents what the G20 can do when it joins forces to tackle a global problem.

Indonesia also plays a large role, as it was one of the epicenters of the COVID-19 pandemic at one point, particularly after the Delta strain emerged, and the country saw a massive rise in coronavirus cases in mid-2021. The country’s health system was not strong enough, and it soon found itself overwhelmed by the number of infections.

Apart from the US, other major donors include the UK, France, India, China, Japan, Australia, and Canada. The World Bank President, David Malpass, said that the world is fighting off multiple crises and that the fund will be an important tool for supporting everyone, particularly low and middle-income countries. It will allow them to be better prepared for global health crises in the future, which is why he also urged more nations to join the program and donate.

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