SINGAPORE – The Group of 20 (G-20) will be establishing a new financial intermediary fund that will support international initiatives to prepare the world for the next pandemic, said Indonesia’s finance minister.
Dr Sri Mulyani Indrawati said on Tuesday (June 14) that the fund will be part of plans by the group to put together a new pandemic prevention preparedness and response programme.
“We have already now agreed to establish a financial intermediary fund, in order for the world to be (better prepared) when another pandemic (hits),” she said.
Reuters reported that the World Health Organisation and the World Bank had estimated that the annual gap in pandemic preparedness funding was US$10.5 billion (S$14.6 billion), and any preparedness fund needed to be financed over five years, suggesting a US$50 billion ask.
The minister was speaking to more than 300 key dignitaries, academics and business leaders at the Indonesia-Singapore Business Forum held at Hilton Singapore Orchard hotel.
The forum, organised by the Indonesian Embassy in Singapore and the Indonesian Chamber of Commerce and Industry, saw attendees participate in discussions on topics like healthcare, digital transformation and sustainability.
In her keynote address, Dr Sri Mulyani noted that research has shown that Covid-19 will not be the last health challenge that the world will face, and countries must be able to meet this challenge together.
“We understand from all (the) studies that this pandemic is not going to be the last one, so the ability of the globe to response effectively, quickly, (and) swiftly is going to be very important for the world not to suffer this kind of situation (it did) in the past two years.
Strengthening global healthcare architecture is one of three key pillars on the agenda this year for the G-20, for which Indonesia currently holds the rotating presidency. The other two key pillars are digital transformation and energy transition.
The G-20 comprises the European Union and 19 countries with the biggest industrialised and emerging economies. It will be holding its summit in Indonesia’s Bali island in November.
The minister also said on Tuesday that her country has worked to not just restore growth after being hit by the coronavirus but also to recover stronger and be better prepared for future challenges.
“We are not only just restoring growth, we want to build a better quality (growth), especially (in) human capital and human resources. That is why Indonesia (is) putting resources… in education, but also importantly, (in) health.”
Her comments come after Indonesian officials warned on Monday that Indonesia is poised to experience a peak in its Covid-19 cases in the second week of July, which will then ease due to the country’s ongoing vaccination regime.
Correction note: An earlier version of this story stated that Indonesia will set up a fund to support global initiatives to prepare for the next pandemic. This has been corrected. We are sorry for the error.
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