G20 seeks sustainable financing for future health crises

JAKARTA－Finance ministers and central bank governors from the world's 20 top economies are seeking a sustainable international financing scheme to build global resilience in facing potential future pandemics and reduce gaps in health systems among countries.

The financial leaders addressed the issues on Thursday during a two-day G20 Finance Ministers and Central Bank Governors meeting held in host country Indonesia's capital Jakarta.

Indonesia's Finance Minister Sri Mulyani Indrawati told G20 participants during a panel discussion that the pandemic has revealed that the global health system is not yet ready to face the pandemic and the global financing system is still inadequate.

"Therefore, the G20 member countries should collaborate to build a more resilient global health system which will, indeed, require greater investment and financial resource mobilization," she said.

World Bank Group President David Malpass suggested that G20 countries build multilateral platforms that could help developing and low-income countries move out of the crisis.

Indian Finance Minister Nirmala Sitharaman pointed out that low- and middle-income countries do not have enough resources to deal with the pandemic and need global support.

Norwegian International Development Minister Anne Beathe Tvinnereim said apart from vaccines, countries must also coordinate in building stronger healthcare infrastructures by increasing international investment in health security.

"We must avoid fragmentation and push for inclusiveness. We need the voices from low-income countries as well. They should be considered legitimate," Tvinnereim said.

US Treasury Secretary Janet Yellen proposed a separate new global health fund directly controlled by donors as global investment for pandemic prevention and preparedness.

Under the proposal, the fund will be used for delivering emergency funds, vaccines and other medical needs.

Yellen said the fund would also help developing and low-income countries improve their surveillance systems to prepare for future crises and help strengthen the countries' healthcare workforces.

Responding to the proposal, World Health Organization Director-General Tedros Adhanom Ghebreyesus emphasized that "any efforts to enhance the governance, systems and financing of global health security can only succeed if they also enhance the WHO's role".

He said the WHO should be made stronger and sustainably financed because the organization played a central role in strengthening the global health architecture.

Indrawati said it would not be an easy and simple process to build trust among countries.

"That is why we are here to provide a platform to build trust together. We cannot do it alone. We should be open-minded to what challenges we are facing and what responsibility we can take," Indrawati said.

She also said the G20 meeting should be a momentum for parties concerned to start mobilizing health financing for the importance of public goods.

In a draft text seen by Reuters, the finance chiefs pledged to use "all available policy tools to address the impacts of the pandemic", while warning that future policy space was likely to be "narrower and uneven".

Agencies - Xinhua