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Australia will fund it as part of a new World Fund to protect the country from future pandemics.
At the G20 virtual meeting, Health Minister Mark Butler and Treasury Minister Jim Chalmers said the federal government would contribute to the new financial intermediary fund.
Established through the World Bank and the World Health Organization, the fund will bring together key institutions to tackle future pandemic risks, triggered by COVID-19.
“There are few events that have had a greater impact on our lives than a pandemic,” Health Minister Butler said at a joint meeting of the Minister of Health and the Minister of Finance.
“We have the opportunity to strengthen our collective ability to prepare for future pandemics.”
Australia’s final contribution to the Fund will be determined as part of existing federal funding for overseas development assistance.
The new fund aims to address key gaps in the prevention, preparation and response of future pandemics.
Treasury Secretary Chalmers said he was pleased that Australia was able to play that role in the new fund.
“It is often said that COVID-19 is not discriminatory, but we all know that our most vulnerable citizens were most affected by both the health and financial consequences of this terrible virus. “I will,” he told the summit.
“The G20’s collective action is important and we urge all members and guests here today to continue to support Indonesia’s leadership in addressing systematic funding shortages to prepare for and respond to pandemics. . “
Treasurer also confirmed that he would attend the G20 Finance Ministers’ Meeting in Bali next month.
Indonesia will preside over the G20 this year, and world leaders will also meet in Bali in November.
During the meeting, the Minister of Finance and the Minister of Health discussed coordination arrangements to address the pandemic prevention gap and confirmed the progress of WHO and the World Bank in establishing the fund.
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Australian Associated Press is an Australian news agency.
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