G20 Urges World Bank to Ready FIF Establishment: Indrawati

“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 the future.

Indrawati believes this is because the FIF establishment 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 FIF establishment 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 1the Indonesian finance and health ministries summarized 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 financing strategies for prevention, preparedness, and response to the pandemic or PPR,” Saputra said.

Meanwhile, one of the main agendas of Indonesia’s G20 Presidency is global health architecture.

SOURCE Ministry of Communication and Informatics

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