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India calls for more multi-lateral funding to prepare for future pandemics -Breaking

by Mike Robinson

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© Reuters. General view of G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), Jakarta Convention Center Jakarta, Indonesia February 17, 2022. Hafidz Mubarak A/Pool via REUTERS

NEW DELHI (Reuters – India urged Thursday’s G20 leaders to unite to secure multi-lateral financing by international institutions, including the International Monetary Fund. To prepare for potential pandemics in the future.

According to Nirmala Sitharaman, Indian Finance Minister and their G20 counterparts at the virtual Indonesian meeting, low middle-income countries and those with middle incomes are not able to access sufficient resources.

Sitharaman stated that G20 member countries should collaborate to close the gap in pandemic readiness, which was raising serious concern.

The World Health Organisation (WHO), she stated, needed to expand its capacities and mobilize global resources. Additionally structural problems would need to be resolved to minimize the effects of pandemics.

Janet Yellen from the U.S. Treasury asked G20 members Thursday to vote for a pandemic preparedness and prevention fund. Warning that failures to fill gaps in international health systems will lead to catastrophic consequences.

Yellen stated to finance ministers, central bankers and other officials from all 20 major economies in the world that the World Bank’s new financial intermediary would channel around $75 billion of investment needed to lower global vulnerabilities for future pandemics.

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