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G20 Joint Finance and Health Minister Meeting Concludes the Year to Affirm Commitment to Strengthen Global Health Architecture

Bali, Indonesianpost.com – The Ministry of Finance and the Ministry of Health of the Republic of Indonesia held the 2nd G20 Joint Finance and Health Ministers’ Meeting (JFHMM) under the Indonesian G20 Presidency on a hybrid basis on November 12, 2022. Minister of Finance H.E. Sri Mulyani Indrawati and Minister of Health H.E. Budi Gunadi Sadikin chair the Meeting’s session.

Ministers of Finance and Health Ministers of G20 member countries, invitees, and international organizations attended the second and final joint Meeting under the Indonesian Presidency to discuss and request updates on: i) the progress of the Financial Intermediary Fund for Pandemic Preparedness, Prevention, and Response (the ‘Pandemic Fund’); and ii) development of coordination arrangements between Finance and Health for pandemic Preparedness, Prevention, and Response (PPR). Today’s Meeting is a follow-up to the first Meeting that was held in Yogyakarta in June 2022 and the Finance Ministers and Central Bank Governors Annual Meetings held in Washington, DC, in October 2022.

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Strengthening the Global Health Architecture is a crucial priority for the Indonesian G20 Presidency. It is urgently needed to ensure that national, regional, and global health systems can anticipate future pandemics better. The world must be ready for a pandemic that could come at any time and threaten world economic stability. Moreover, failure to handle a pandemic can disrupt social and political stability.

Since Finance and Health Ministers met in June, the G20 Joint Finance-Health Task Force (the Task Force) has continued to make significant progress on its mandate, including establishing a new Financial Intermediary Fund for Pandemic PPR (the Pandemic Fund). The Task Force has also continued its discussions on improved coordination arrangements between Finance and Health Ministries. As the Task Force concludes one year of operation, this Meeting presents an opportunity to highlight the G20’s actions to ensure the world is better prepared for future pandemics and to determine the Task Force’s future mandate.

In this Meeting, the Ministers of Finance and Health listened to an update on the development of the Pandemic Fund by the co-chairs of the Governing Board, Mr. Chatib Basri from Indonesia, and Mr. Daniel Ngamije, Minister of Health for Rwanda. In addition, they provided strategic guidance for the Pandemic Fund’s funding priorities. All G20 members look forward to the launch of the Pandemic Fund’s first call for proposals as soon as possible.

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The Pandemic Fund was established on September 8th, 2022, and to date, more than USD 1.4 billion of financial commitments have been announced by 24 funding donors, including three philanthropies. It is a promising start to welcome more parties to contribute to the Fund as they are able.

The COVID-19 pandemic has dominated much of our domestic and international policy discussions over the last few years and rightly has been a critical focus of the G20 Indonesia Presidency this year. “One year from the mandate set by our Leaders in the 2021 Rome Declaration, today we have the opportunity to discuss the achievements we have collectively made this year to reform the global health architecture and what more we need to do.” Sri Mulyani in her remarks. “We also discussed how best to take forward the work on Finance and Health coordination arrangements, including whether to expand the scope of the Finance-Health Task Force to a three-year time horizon and what its key objectives should be for 2023,” added Minister Sri Mulyani.

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In line with the Minister of Finance, Minister Budi Gunadi mentioned, “The Pandemic fund will provide financing for pandemic PPR capacity by addressing gaps according to International Health Regulation standards.” He added, “The cooperation between the G20 finance and health today, I believe, has served this purpose indeed— the cooperation that brings us from crisis to peace, from trauma to triumph, from calamity to recovery, from sickness and poverty to wellness and prosperity”.

In 2023, the Task Force will continue to be co-chaired by Indonesia and Italy, representing developed and developing economic perspectives, and will continue to leverage expertise and synergize with WHO, International Financial Institutions, and other relevant organizations, with support from India as the G20 Presidency in 2023. The pandemic has made us all aware of the importance of health and the economy and the interdependence between the two. Today’s Meeting marks progress from more substantial synergies between the financial and health sectors to prevent, prepare for and respond to future pandemics.

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