At a Glance:
- The G20 countries had recently set up a multi-billion dollar fund to help the developing countries better prepare for the pandemics.
- World Bank will be housing the fund and said it will ‘proceed quickly’ to set up the facility, after releasing a white paper for consultation.
- The fund has raised $1 billion from the U.S., Germany, and the European Union, along with the contributions of private donors.
The G20 countries had recently set up a multi-billion dollar fund to help the developing countries better prepare for the pandemics which can be operational within months. The World Bank confirmed the same.
World Bank will be housing the fund and said it will ‘proceed quickly’ to set up the facility, after releasing a white paper for consultation on how it might work. A spokesperson from the bank shared, “Pandemic preparedness is a top global priority. The fund is expected to be open for business later this year.”
G20 raised $1 billion
The fund has raised $1 billion from the U.S., Germany, and the European Union, along with the contributions of private donors. The WHO and World Bank have estimated that the annual funding gap for pandemic preparedness is $10 billion.
Last week, the independent panel had warned the world that we are in no better place to fight future health threats than it was when the COVID-19 outbreak. This has placed the countries in a worse financial condition.
WHO prioritizes funds as a key topic
Understanding the seriousness of the matter, WHO’s annual assembly chose the fund as the key topic for discussion, although it was not part of the main agenda.
The pharma industry stated that the wealthy nations should fund a supply mechanism for vaccines for low-income countries without a delay, in case of future pandemics. The World Bank also commented that it is still consulting with partners to outline how the fund would work and what it would spend money on.
Eloise Todd, the co-founder of the Pandemic Action Network, said it was also important to make sure the countries which might benefit had a voice at the table. He added, “It is vital that this fund supports gaps identified at the country level.”
