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MOF, MOHAP participate in first G20 Joint Finance and Health Ministers Meeting

• Meeting discussed the establishment of a Financial Intermediary Fund (FIF) for pandemic prevention, preparedness, and response

The Ministry of Finance (MoF) and the Ministry of Health and Prevention (MOHAP) yesterday participated in the first G20 Joint Finance and Health Ministers Meeting, which was held under the Indonesian Presidency of the G20. The meeting sought to discuss progress by the World Bank and the World Health Organization to establish a Financial Intermediary Fund (FIF) for pandemic prevention, preparedness, and response (PPR). It also aimed to provide guidance on developing coordination arrangements among finance and health ministers for pandemic PPR.

His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, His Excellency Dr. Yousef Mohammed Al Serkal, Director General of the Emirates Foundation for Health Services – representing His Excellency Abdul Rahman Al Owais, Minister of Health and Prevention – as well as health and finance ministers from member countries, and representatives from international organisations and other invited countries attended the meeting.

During his intervention, His Excellency Mohamed Bin Hadi Al Hussaini thanked the Indonesia G20 Presidency for its leadership over this initiative, and the World Bank and the World Health Organization for their efforts. “The continued collaboration of finance and health ministers is important not only to combat the COVID-19 pandemic but to be agile and better prepared for future pandemics,” His Excellency said.

H.E. Dr. Sri Mulyani Indrawati, Minister of Finance of the Republic of Indonesia, and H.E. Budi Sadikin, Minister of Health of the Republic of Indonesia chaired the meeting, and deliberated key global updates on COVID-19 and monkeypox with the attendees.

According to the G20, despite an improvement in COVID-19 case numbers in some countries over recent months, COVID-19 case numbers remain high in much of the world and are again increasing in some countries over recent weeks. This weighs on the global economy and limits the pace of the recovery. G20 also mentioned that there has been a multi-country monkeypox outbreak in non-endemic countries, a timely reminder of the relevance and urgency of the G20’s work on pandemic PPR, to better prepare the world to respond to future pandemics.

The G20 recently mandated the World Bank and World Health Organization to explore modalities to establish a financial facility to bolster pandemic PPR. The World Bank, in coordination with the World Health Organization, proposed establishing a Financial Intermediary Fund (FIF) to help developing countries become better prepared for future pandemics, by strengthening capacity for pandemic PPR.

The next G20 Joint Finance and Health Ministers Meeting will be held in November 2022.​