Oxfam Sentil G20 Collective Fund For Pandemic That Must Be Transparent, Called New Type Of Debt

Illustration (Photo: The C20 2022 Committee.)

JAKARTA – A non-profit organization from the UK that focuses on disaster management and advocacy development, Oxfam International, highlighted the formation of the Financial Intermediary Fund (FIF) which was agreed by the G20 some time ago.

Nadia Daar from Oxfam International said that the FIF which aims for pandemic Preparedness, Prevention and Response (PPR) must be ensured by the G20 to be transparent.

"We also want the inclusivity and accessibility of developing countries and civil society organizations (CSOs) to these funds," he said when giving a press statement after the Civil 20 (C20) meeting from around the world in Jakarta this week.

According to Nadia, it is very important for G20 leaders to be able to bring new hope to the formation of the FIF, especially in terms of overcoming the pressures of the current crisis.

"What is more important is to ensure that this is not just a new debt scheme," he said.

For information, the Financial Intermediary Fund (FIF) first appeared at the G20 High Level Independent Panel (HLIP) in 2021, led by Italy.

Through the Declaration, the G20 leaders agreed to form a Joint Finance and Health Task Force (JFHTF) which was co-chaired by Indonesia and Italy.

Furthermore, in the 2022 G20 Indonesia Presidency, Indonesia succeeded in convincing members to form the FIF. This agreement is part of the Third Meeting of the G20 Finance Ministers and Central Bank Governors (3rd FMCBG) in Bali some time ago.

To date, the total pool of funds from members has collected US$1 billion with Indonesia's contribution of US$50 million.

Later the funds will be under the management of the World Bank with WHO as a technical advisor in the field to deal with the pandemic.

"Nevertheless, C20 appreciates the G20's efforts in establishing this Financial Intermediary Fund to tackle the current COVID-19 pandemic and the potential for pandemics in the future," concluded Nadia.