World Bank calls for Pandemic Emergency Fund

 

                     The President of the World Bank Group, Dr. Jim Yong Kim, has called for the establishment of a new Pandemic Emergency Facility that would rapidly respond to future outbreaks epidemics by delivering money to countries in crisis.

Kim who spoke in Washington on Friday in Washington DC, in a speech titled, ‘Tackling the Most Difficult Problems: Infrastructure, Ebola and Climate Change’ at the ongoing International Monetary Fund (IMF) World Bank Group meetings, said the move became necessary in the wake of a “late, inadequate and slow” global response to the Ebola outbreak.

He said he would like to develop the proposals for a financial instrument with the United Nations, the IMF and regional development banks.

He said even as the focus should now be intensely on doing everything possible to stop Ebola, planning must also begin for the next pandemic, which “could spread much more quickly, kill even more people and potentially devastate the global economy”.

Kim observed that the Bank  has an IMF to coordinate and work with central banks and ministries to respond to financial crises,” but noted that “when it comes to health emergencies, however, our institutional toolbox is empty: There’s no such center of knowledge and skill for response and coordination.”

He said the Bank Group’s financial teams have proposed several solutions, including the pandemic emergency facility. “The device would pre-package a response, establishing contingent funding agreements with donors and receipt mechanisms for possible recipients. So when a global health emergency is declared, financial support would be readily available and flow quickly to support an immediate response”

Kim said the Bank’s work on Ebola, including the innovative use of crisis funding to disburse $105 million over nine days in emergency funding, had been informed by its focus over the past two years on climate change.

He told delegates that the World Bank Group is fully engaged in fighting the global threats posed by both Ebola and climate change, adding that the actions exemplify that the Bank Group wants to become defining that as “an indispensable partner for both low and middle income countries in their efforts to solve their most difficult challenges.”

He warned that time was running out to find solutions to both the threats posed by climate change and Ebola.

” Until very recently, the plans to fight them were either non-existent or inadequate. And inaction is literally killing people – one because of the rapid spread of a deadly virus, the other from the poisoning of the atmosphere and the oceans. And finally, perhaps most critically from our point of view, resolving these problems is essential to development, whether from the perspective of human suffering, economic growth, or public health. “

He said Bank Group staff from the climate group, plus experts working on urban issues and with the private sector, would meet later today with government officials and corporate CEOs to decide how to turn pledges by governments, companies and investors to put a price on carbon into action.

Kim also drew attention to the World Bank Group’s work in creating the Global Infrastructure Facility, a global platform to bring together institutional investors, development banks, and public officials to tackle the infrastructure deficit now faced by the developing world, an estimated US$1 trillion to $1.5 trillion.

Kim praised the work of staff across the institution saying in infrastructure, Ebola and climate change, teams had worked collaboratively and displayed an inspiring commitment to innovation.

“Their efforts displayed creativity, knowledge, skill, intensity, passion and selflessness. Their sharing of ideas and best practices is precisely the culture we wanted the reorganization to create,” he said.