G20 Ministers officially launch billion-dollar fund to tackle next pandemic

G20 Summit: G20 Health and Finance Ministers launched a $1.4 billion fund on November 13, 2022, to tackle the next global pandemic before the bloc’s leaders gather for a Summit on the Indonesian resort island of Bali.

The 24-nation pandemic fund is viewed as one of the early global outcomes of the summit where little progress is expected on the Ukraine crisis with the President of Russia Vladimir Putin, not in attendance.

G20 Speakers at the event welcomed the launch of the Pandemic fund as a key part of the solution to reducing risks from epidemics and pandemics in the most vulnerable parts of the world.

G20 Summit 2022 is scheduled to take place in Indonesia on November 15-16, 2022. Indonesia’s Presidency began on December 1, 2021, leading up to the summit in the 4th quarter of 2022.

Pandemic Fund

The G20 countries have agreed to build a pandemic fund to prevent and prepare for the pandemic. Donors from G20 and non-G20 members, as well as philanthropic organizations, have contributed to the funds.

The collaboration between the Ministers of Finance and the Ministers of Health under the G20 Presidency of Indonesia has resulted in the establishment of the Pandemic Fund for strengthening the world’s pandemic prevention, preparedness, and response (PPR).#G20Indonesia pic.twitter.com/2AF8cOaLPU

— G20 Indonesia (@g20org) November 14, 2022

G20 launches Pandemic Fund: Key Points

1. Developed with Indonesia’s and Italy’s leadership during their respective G20 Presidencies, the new Pandemic fund has USD 1.4 billion in seed funding already committed by 24 hours.

2. The United States has contributed $450 million to the fund which is nearly a third of the total.

3. The fund's major donors include Britain, the United States, India, China, France, Australia, Canada, and Japan.

4. As per the Indonesian Prime Minister, Saudi Arabia was expected to contribute to the fund, without specifying how much.

5. Notably, $31 billion was required to tackle the next global pandemic.

Pandemic Fund: Significance

The new dedicated pandemic fund is an important tool that will support low and middle-income countries to be better prepared for the global health crisis.

G20 host Indonesia was at a time the epicenter of the COVID-19 pandemic when a wave of Delta strain cases hit the country in mid-2021.

The country’s health system was overwhelmed by the number of infections and Jakarta produced its first homegrown vaccine as the lower-income countries became frustrated at more developed countries hoarding the inoculations for their citizens.

India at Bali G20 Summit

Prime Minister Narendra Modi is set to attend the G20 Summit in Bali, Indonesia. The Prime Minister is expected to hold meetings with the world leaders on the sidelines of the summit.

In his departure statement, Prime Minister said that he will have extensive discussions with other G20 leaders on the sidelines of the summit on the key issues of global concern such as food and energy security, reviving global growth, health, environment, and digital transformation.

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