The Australian Government will contribute funding towards a new Financial Intermediary Fund (FIF) for pandemics which will be established at the World Bank, as part of our commitment to protecting against the impact of future pandemics.
The contribution was announced by the Treasurer and the Minister for Health and Aged Care at the G20 Joint Finance and Health Ministers meeting last night.
The fund is aimed at addressing gaps in national, regional, and global financing for pandemic prevention, preparedness, and response.
The FIF brings together key financial and health institutions to address the risks of future pandemics to health and the global economy.
Last night’s meeting marks the first time that Finance and Health Ministers have come together under Indonesia’s G20 presidency.
In the wake of the COVID‑19 pandemic, key independent health architecture reviews - including the Independent Panel for Pandemic Preparedness and Response and the G20 High‑Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response - identified major shortfalls in international financing for pandemic preparedness and response.
The G20 has an important leadership role to play in mobilising political support and finance to address systemic financing gaps for pandemic preparedness and response and the Australian Government is pleased to be playing our part.
Ministers considered progress by the World Health Organization and World Bank in establishing the fund.
They also discussed the development of coordination arrangements between Ministers to strengthen collaboration and address gaps in financing of pandemic prevention, preparedness, and response.
The pandemic has highlighted the weaknesses in the global health architecture and COVID‑19 has also shown the disproportionate impact pandemics can have on the world’s most vulnerable.
This commitment will help ensure that we are better placed to prevent the devastating economic and health consequences that arise from a global health crisis, and limit the impact were another to occur.
The Australian Government is committed to working with the international community to end the acute phase of this pandemic, while also strengthening global health architecture to ensure all countries are better positioned to respond to the next pandemic.