G20 countries seeking long-term financial plan for future pandemic response

JAKARTA: G20 Finance Ministers and Central Bank Governors are seeking a long-term international financial solution to help build global resilience against future pandemics and close gaps in health systems between countries.

Financial leaders discussed the concerns Thursday at a two-day G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Jakarta, Indonesia, with Indonesia as the host country.

Sri Mulyani Indrawati, Minister of Finance of Indonesia, informed G20 participants during a roundtable that the Covid-19 pandemic has demonstrated that the global health system is not ready to face the epidemic and that the global financing system is still insufficient.

“As a result, G20 member countries should work together to build a more robust global health system,” she added. “This will undoubtedly require increased investment and mobilization of financial resources.” World Bank Group President David Malpass has urged G20 countries to create international platforms to help developing and low-income countries emerge from the crisis.

Indian Finance Minister Nirmala Sitharaman stressed that low- and middle-income countries lack the means to deal with the pandemic and need international help.

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