Sri Mulyani Calls the G20 Maximizes FIF Commitment of 1.37 Billion US Dollars

Minister of Finance Sri Mulyani Indrawati. (Photo: Doc. Antara)

JAKARTA - Minister of Finance (Menkeu) Sri Mulyani Indrawati stated that the G20 Presidency of Indonesia is looking for ways to maximize the utilization of the Financial Intermediary Fund (FIF) commitments that have been collected of 1.37 billion US dollars.

"We are now discussing not whether we need FIF but we are talking about what will be the governance so that we can use this US$1.37 billion fund," Sri Mulyani said at the T20 Special Event: Sustainable Infrastructure Investment and Financing (SIIF) in Jakarta, quoted from Antara, Tuesday, October 11.

FIF itself was formed by the Indonesian G20 Presidency in the context of Prevention, Preparedness, and Response (PPR).

Sri Mulyani said that until now FIF funds have collected as much as 1.37 billion US dollars which is the result of commitments from around 15 G20 member countries and three international philanthropic institutions to PPR pandemic.

He said that of the G20 member countries that have committed to FIF, the majority came from developing countries, including India, which will become the next G20 Presidency.

“For FIF, the contributors include China. So actually many developing countries, even India, which will be the next G20 Presidency are also contributing," explained Sri Mulyani.

On the other hand, some developed countries are not committed to FIF because they are committed to other health programs or institutions outside the G20.

However, Sri Mulyani emphasized that currently, all G20 member countries are trying to maximize the use of these funds, especially for developing countries to be able to meet their health needs.

This is done by appointing a supervisory board and implementing agency that can carry out the task of using FIF's resources in order to strengthen the health system in certain countries or regions.

“This relates to the production of vaccines in certain areas. This kind of thing will be discussed by the board of directors under the FIF," said Sri Mulyani.