The Pandemic Fund is the culmination of global efforts to ensure the world learns lessons from COVID-19. It is an historic agreement designed to improve preparedness capabilities, to allow swifter and more coordinated responses to future pandemic threats. It will also provide additional, long-term financing to help strengthen national, regional and global pandemic preparedness and response.
"There is a clear consensus that the world needs to be better prepared to respond to future events—shared global finance is a big part of that. I welcome the Indonesia G20 presidency’s leadership in establishing the Pandemic Fund and look forward to shaping future pandemic plans," Austrlian Prime Minister Anthony Albanese said in a media release on Sunday.
The Pandemic Fund is hosted by the World Bank and draws on the technical expertise of the World Health Organization (WHO).
It addresses gaps in pandemic financing and responds to the recommendations of high-level independent review processes including WHO-commissioned Independent Panel for Pandemic Preparedness and Response and G20 High-Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response.
Australia is one of the founding donors of the Pandemic Fund which has current contributions totalling over US$1.4 billion.
This complements Australia’s $838 million support for regional and global vaccine access, including:
- $623 million to fund COVID-19 vaccine procurement and targeted support to national vaccine roll-outs
- $215 million to the COVAX Facility’s Advance Market Commitment.
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