G20 pandemic fund set to launch this month

Finance Minister Sri Mulyani said that the G20 are finalizing a financial intermediary fund (FIF) initiative and expected it come into effect in June. The US, EU, Indonesia, Singapore, and Germany had collectively pledged $ 1.1 billion so far from the aim of $ 1.5 billion.

Sri Mulyani noted that the board of the World Bank would have to approve the FIF initiative design before it was established and eventually manage the fund. This initiative is intended to ensure that the world is better prepared for future pandemics. The G20 group was seeking to accommodate so that the fund is not dominated by the founder but also included the recipient.