New Global Fund to support pandemic prevention and preparedness

Source: The post is based on the article “New Global Fund to support pandemic prevention and preparedness” published in Hindu Businessline on 13th September 2022.

What is the News?

A new fund named Financial Intermediary Fund(FIF) has been established for pandemic prevention, preparedness and response(PPR).

What is the Financial Intermediary Fund(FIF)?

Purpose: To provide additional, long-term financing to strengthen pandemic prevention, preparedness and response(PPR) capabilities in low- and middle-income countries and address critical gaps at the national, regional and global levels.

Trustee and Host: World Bank will serve as a trustee and host the secretariat of the fund with technical support from the World Health Organization(WHO).

Funding: The fund was developed with broad support from members of the G20 and beyond. For instance, over $1.4 billion in financial commitments have already been announced by countries like Australia, Canada, China, the European Commission, the United States, India among others.

Areas: Finances from the fund will go towards strengthening and sustaining PPR capacity in areas such as zoonotic disease surveillance, laboratories, emergency communication, coordination and management, critical health workforce capacities and community engagement