COVID-19 has highlighted the urgent need for collective action and increased investments in pandemic prevention, preparedness, and response (PPR). In April 2022, the G20 Finance Ministers and Central Bank Governors reached a consensus in establishing a new Financial Intermediary Fund (FIF) at the World Bank for this purpose.
The World Bank is proceeding quickly to develop this new fund. It has released a White Paper that was shared with stakeholders for feedback at the end of May. The FIF proposal will be submitted to the World Bank Board for approval by end of June.
We believe the White Paper poses serious concerns on the strategic value-add of this fund, on issues around transparency and inclusivity, especially in its decision making, and its ability to enhance rather than duplicate existing global health institutions efforts.
The ACTION Partnership, a global health advocacy partnership composed of over 15 locally rooted, independent organizations including Global Health Advocates, has collectively outlined high-level recommendations framed around the FIF’s principles, financing, governance, and operating modalities. We want to ensure that this new fund for PPR can efficiently support the country and regional capacity needed to react to the next crisis and fill a gap in the existing global health security ecosystem.