G20 Column Generates 1.1 Billion Dollars For Pandemic Handling Capital, Indonesia Donates 50 Million US Dollars

JAKARTA - It is said that the G20 countries have reached an agreement to secure funds of US$1.1 billion in the form of the Financial Intermediary Fund (FIF) as capital for handling the pandemic in the future. This was revealed during the G20 finance and health ministers' meeting agenda at the Joint Finance and Health Ministers' Meeting (JFHMM) in Yogyakarta this week.

Minister of Finance, Sri Mulyani, said that this year's Indonesian Presidency has delivered tangible results by supporting and contributing to the FIF proposal.

“I am pleased to announce that a committed contribution of nearly US$1.1 billion has been secured for FIF for pandemic prevention, preparedness and response. This figure includes a contribution of 50 million US dollars from Indonesia", she said in an official statement quoted on Wednesday, June 22.

According to the Minister of Finance, the G20 welcomes the development of FIF, which is placed in the World Bank as the trustee, and will continue to discuss governance and operational arrangements ahead of the planned announcement at the Summit in November.

“Regarding the issue of broader coordination between finance and health, the G20 Finance Ministers and Health Ministers generally agreed on the need to improve coordination between finance and health to be better prepared to face pandemics in the future. The G20 provides directions for further discussions on coordination arrangements between finance and health", she said.

The state treasurer also appreciated the WHO's central role in fighting pandemics and the importance of including the voices of developing countries in their institutional arrangements to create the most effective systems of pandemic prevention and response. In addition, the Minister of Finance also reminded the spirit of inclusiveness in handling the global pandemic.

For information, the JFHMM meeting was held to discuss and ask for directions from the G20 Ministers of Finance and Health regarding some of the progress that has been made by the Joint Finance and Health Task Force (JFHTF).

These include, among others, the progress of the establishment of the FIF and developing a coordination plan between finance and health for PPR.

"The results of the meeting will be part of the discussion on the Meeting of the Minister of Finance and the Governor of the Central Bank in July and will be followed up on the next JFHTF in the context of the 2nd JFHMM which will be held in November 2022", concluded the Minister of Finance.