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In line with the recommendations by the G20 High Level Independent Panel, the G20 Joint Finance and Health Ministers Meeting, held on Tuesday, 21 June, has endorsed a proposal to establish a financial intermediary fund (FIF) for pandemic prevention, preparedness and response (PPR), hosted by the World Bank. The FIF aims to fill critical financing PPR gaps and promote a more coordinated approach to PPR investments. It will value-add to existing work to catalyse domestic investments in low- and lower-middle-income countries, as well as build pandemic PPR capacities at the regional and global levels.
2 The COVID-19 pandemic has caused significant impact on lives and livelihoods worldwide. Singapore has to play our part to overcome the current pandemic and better prepare for the next one. This will help avoid a repeat of the catastrophic economic, social and human costs of COVID-19. Singapore supports multilateral initiatives to strengthen our global health security, and will contribute US$10,000,000 to the FIF to support this multilateral endeavour.
3. The joint press release by MOF and MOH is attached for immediate reporting, please.
Ministry of Finance