Australia is contributing $50 million to the Pandemic Fund—a new global Financial Intermediary Fund to improve future pandemic prevention, preparedness and response.
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.
The Pandemic Fund is hosted by the World Bank and draws on the technical expertise of the World Health Organization. It addresses gaps in pandemic financing and responds to the recommendations of high-level independent review processes including the:
- WHO-commissioned Independent Panel for Pandemic Preparedness and Response
- 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.
Prime Minister, Anthony Albanese said:
“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.”
Minister for Foreign Affairs, Senator Penny Wong said:
“Indonesia has played a vital leadership role in delivering this important initiative to strengthen global health governance.
“Australia will play its part to promote a global response to pandemic preparedness and response efforts, and to ensure a strong focus on the needs of our region.”
Treasurer, Jim Chalmers said:
“The world was not prepared for COVID-19. We can’t afford to be unprepared next time. This is one of the most important investments we can make in limiting the impact of future pandemics.”
“A number of independent reviews have identified the absence of long-term financing for pandemic prevention, preparedness and response as a major gap.”
“A properly funded global response is an important step towards protecting Australians and our economy in any future global pandemic.”
Minister for Health and Aged Care, Mark Butler said:
“Viruses don’t discriminate—so any future pandemic plans can’t be made in isolation.
“This Fund will go a long way to strengthening global surveillance and reporting systems.”