COVID-19 – Global pandemic financing reaches 34.4 bln USD

Jakarta (Indonesia Window) – Bank Indonesia’s governor Perry Warjiyo has said that the global financing for pandemic prevention, preparedness, and response (PPR) reached 34.4 billion U.S. dollars per year.

“The G20 is reviewing and estimating that the global PPR financing needs 34.4 billion dollars per year,” he said at the Indonesian G20 Presidency agenda meeting here on Thursday (Feb. 17).

Indonesia’s G20 presidency mobilizes the necessary financing to fill the financing gaps for pandemic prevention, preparedness, and response, as well as public goods to strengthen the resilience of the global health system.

“Strengthening the spirit of multilateralism is critical to achieving investment at the scale needed to prevent the next outbreak,” he said.

In addition, the G20 presidency of Indonesia has also inspired the establishment of a task force for ministers of finance and ministers of health worldwide in order to improve coordination to achieve concrete policies.

This task force has been formed at a strategic time in particular to further explore ways to improve finance and collaboration in overcoming the crisis.

“The task force will also discuss modalities for building pandemic PPR financing facilities,” BI’s Governor said.

This step should be taken to ensure that low-income and vulnerable countries continue to receive financings as they have limited market access due to high debt amounts and social issues.

“Strengthening the global health system with a strong and sustainable financing mechanism is an important part of the strategy to recover together and recover stronger,” Perry said.

Reporting by Indonesia Window