G20 Finance and Health Ministers Pledge $1.4 Billion for Pandemic Preparedness Fund

US Treasury Secretary Yellen speaking at the G20 Finance and Health Ministers Meeting
Photo by Yonhap News

[Asia Economy Reporter Song Seung-seop] Finance and health ministers of the Group of Twenty (G20) have launched a fund to prepare for global pandemic infectious diseases.

According to local media on the 13th, Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization (WHO), David Malpass, President of the World Bank, Sri Mulyani, Indonesia's Minister of Finance, and Janet Yellen, U.S. Secretary of the Treasury, held a press conference in Bali, Indonesia, to announce this. The decision was made at the G20 Finance and Health Ministers' meeting.

The fund will be used to prevent and prepare for global infectious diseases. It will start with $1.4 billion (approximately 1.85 trillion KRW) and plans to gradually increase. The United States contributed $450 million (approximately 600 billion KRW), one-third of the initial funding. Twenty-four countries and organizations, including the United Kingdom, India, and China, participated.

U.S. Treasury Secretary Janet Yellen said, "This fund is an example of what the G20 can do to solve global problems," and added, "We are proud of what we have achieved." President Malpass also stated, "This fund will be an important tool to help low- and middle-income countries better prepare for global pandemics than they do now."

Some voices called for more support. Indonesian President Joko Widodo (Jokowi) pointed out in a video speech, "Although G20 and non-G20 member countries and charitable organizations have joined this fund, it is not enough."

This content was produced with the assistance of AI translation services.