- G20 countries are planning to set up a global fund for pandemic preparedness, in order to ensure swift action in the event of another health crisis
- The financial intermediary fund is planned to be held at the World Bank, with the details to be finalised by G20 health ministers in June
- The new fund will address a financing gap to assist countries with preparation and prevention when faced with a pandemic
- Some countries are concerned the fund will undermine the World Health Organisation (WHO), highlighting the importance of WHO having a decision making role in the fund
G20 countries are planning to set up a global fund for pandemic preparedness, in order to ensure swift action in the event of another health crisis.
The financial intermediary fund is planned to be held at the World Bank, with the details to be finalised by G20 health ministers in June.
The new fund will address a financing gap to assist countries with preparation and prevention when faced with a pandemic.
The gap is estimated by WHO and the World Bank to be $10.5 billion a year, which would be needed over a five year period.
This suggests the fund will need $50 billion to be effective, however, final details of its size has not been confirmed.
Some countries are concerned the fund will undermine the World Health Organisation (WHO), highlighting the importance of WHO having a decision making role in the fund.
World Bank President David Malpass said it would collaborate with WHO to establish the fund.