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Wed, 06/22/2022 - 10:46
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G20 secures US$1.1 billion for pandemic preparedness: Minister

Jakarta, June 22 (ANTARA) - Finance Minister Sri Mulyani Indrawati said the G20 members had managed to secure funding of US$1.1 billion for the Financial Intermediary Fund (FIF). The funds are secured for preparedness, prevention, and response (PPR) to the pandemic. "Commitment to contribute nearly US$1.1 billion has been secured for FIF for pandemic prevention, preparedness, and response," the minister noted at the press conference of the 1st G20 Finance and Health Ministerial Meeting attended by ANTARA here on Tuesday. Sri Mulyani said the funding was a commitment from G20 member countries and included a contribution of US$50 million from Indonesia. She explained that the FIF mechanism is a new form of multilateral financing dedicated to addressing the financing gap for preparedness, prevention, and response to the pandemic. This FIF will be placed at the World Bank while its governance and operational arrangements are still being discussed until the plan for a formal announcement of its formation at the G20 Leaders' Summit in November 2022. This effort is a commitment of the Indonesian G20 Presidency to providing tangible results that not only support but also contribute to the proposal for the establishment of the FIF. "The leaders agreed that financing for pandemic preparedness needs to continue to be built adequately and sustainably to be able to create and explore new financing mechanisms," Sri Mulyani explained. Apart from discussions on the FIF, the 1st G20 Joint Finance and Health Ministers' Meeting (JFHMM) under Indonesia's G20 Presidency also discussed some of the progress made by the Joint Finance and Health Task Force (JFHTF). The progress includes the development of a coordination plan between finance and health for preparedness, prevention, and response to the pandemic. The results of the JFHMM will be discussed at the Meeting of the Minister of Finance and the Governor of the Central Bank in July and followed up during the next JFHTF towards the 2nd JFHMM in November 2022. "Hence, this will be an ongoing discussion, and I am sure that a lot of feedback has been given and discussion conducted today,” he stated.