Australia commits to fund a pandemic preparedness fund through the World Bank

Australia has joined a host of other countries in committing to funding to protect against the effects of future pandemics.

At the G20 finance and health minister’s joint meeting, Health Minister Mark Butler and Treasurer Jim Chalmers Australia pledged to support the Financial Intermediary Fund for Pandemics to be established at the World Bank.

The fund aims to close gaps in national, regional, and global funding for pandemic prevention, preparedness, and response.

Australia commits to fund a pandemic preparedness fund through the World Bank

The ministers said in a joint statement that the committee would help ensure “we are better able to prevent the devastating economic and health consequences of a global health crisis and mitigate the impact if another were to occur”.

Mr. Butler said Australia and the world must learn from the lessons learned from Covid-19.

“Few events have had a greater impact than the pandemic on our way of life,” Butler said.

“It is critical that we implement the lessons learned from the pandemic. Through Indonesia’s leadership, we can strengthen our collective capacity to better prepare for future pandemics.

“Now is the time for the G20 to show leadership and act. I am pleased that Australia is committed to supporting the Financial Intermediary Fund.”

Camera IconAustralia wants the world to be better prepared for future pandemics. NCA NewsWire/David Crosling Credit: News Corp Australia

The FIF will bring together key financial and health institutions to address the risks of future pandemics to health and the global economy.

Both MPs said the pandemic had exposed weaknesses in global health architecture and that Covid-19 had shown that pandemics could disproportionately impact the most vulnerable.

Dr. Chalmers said the G20’s collective action was “important”.

“While it has often been said that Covid-19 ‘does not discriminate’, we all know that our most vulnerable citizens were most affected by both the health and economic damage of this terrible virus,” said Dr. Chalmers.

“The collective action of the G20 is important – and I urge all members and guests here today to support Indonesia’s leadership in addressing systemic financing gaps for pandemic preparedness and response.”

Camera IconHeath Minister Mark Butler says Covid has greatly impacted our way of life. NCA NewsWire/Dean Martin Credit: News Corp Australia

The final contribution to the fund has yet to be determined but will come from existing government funding for development assistance abroad.

This has already been taken into account in the budget.

“The Australian Government is committed to working with the international community to end the acute phase of this pandemic while strengthening the global health architecture to ensure all countries are better positioned to face the next pandemic. Pronunciation. Respond,” said Dr. Chalmers and Mr. Butler in a joint statement.

Lori J. Kile
I love to write and create. I love photography, design, travel and art. I am a full time freelance writer and photographer.I am very excited to be creating new content and opportunities for my readers.