G20 Sustainable Financing Scheme

Central Bank Governors and G20 Finance Ministers are looking for a sustainable long-term international financial solution with the help of strengthening the global resilience in the event of future pandemics and closing gaps in health systems between countries.

Overview

The G20 Financial leaders discussed this issue during the two days G20 Finance Ministers and Central Bank Governors (FMCBG) meeting which was held in Jakarta, Indonesia.

Sri Mulyani Indrawati, Indonesia’s finance minister, said to the G20 participants in a discussion panel that the Covid-19 pandemic has demonstrated that the global health system is not prepared to deal with the pandemic and that the global financing system is still insufficient.

Suggestions put forward

The G20 member countries should work together to create a more resilient global health system, which will demand more financial investment and resources.

President of the World Bank Group David Malpass advised that the G20 countries create international platforms to aid developing and low-income countries in their recovery from the crisis.

According to Indian Finance Minister Nirmala Sitharaman, low and middle-income countries, lack the means to deal with the pandemic and require international assistance. Hence, she has urged the members to provide quick vaccination deliveries to close the gap between the countries.

Anne Beathe Tvinnereim, Norway’s Minister of International Development, said that in addition to vaccines, the countries must work together to strengthen healthcare infrastructures by establishing an international investment in health security.

US Treasury Secretary Janet Yellen recommended a new distinct global health fund, directly controlled by contributors. The fund will be used to give emergency finances, immunizations, and other medical requirements. The fund will also assist emerging and low-income nations in improving monitoring systems in order to prepare for future disasters and strengthen the healthcare workforce.

Director-general of WHO, Tedros Adhanom Ghebreyesus said that WHO’s role should also be increased. WHO should be strengthened and funded because it played a key role in bolstering the global health system and facilities.

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