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• W4283780909 abstract "At the second meeting of the G20 finance ministers and central bank governors on April 20, 2022, the G20, under the presidency of Indonesia, agreed to establish a new financial mechanism: a Financial Intermediary Fund (FIF) for pandemic prevention, preparedness, and response (PPR) to be hosted by the World Bank.1G20Ministers of finance and governors of central banks of G20 countries work together on solutions on the current global economic challenges.https://g20.org/ministers-of-finance-and-governors-of-central-banks-of-g20-countries-work-together-on-solutions-on-the-current-global-economic-challenges/Date: April 21, 2022Date accessed: June 27, 2022Google Scholar, 2World BankA proposed Financial Intermediary Fund (FIF) for pandemic prevention, preparedness and response hosted by the World Bank.https://thedocs.worldbank.org/en/doc/018ab1c6b6d8305933661168af757737-0290032022/original/PPR-FIF-WB-White-Paper.pdfDate: May 17, 2022Date accessed: June 27, 2022Google Scholar The proposed FIF will be discussed at the World Bank board meeting on June 30, 2022, and is expected to be launched in the third quarter of 2022. 20 years ago, at the turn of the millennium, there was a burst of inspiration and ingenuity in multilateral financing for persistent global health problems with the establishment of the Global Fund to Fight Aids, Tuberculosis and Malaria, Gavi, the Vaccine Alliance, and Unitaid. Such innovation showed that old ways of funding common needs could be reconfigured to adapt to then pressing health challenges. Despite their many shortfalls, these funds showed that it was possible and desirable to rethink how to finance global common needs.3Benn C, Silborn P. Innovative financing for health. In: Kuriansky J, Kakkattil P, eds. Resilient health: leveraging technology and social innovations to transform healthcare for COVID-19 recovery and beyond. Oxford: Elsevier (in press).Google Scholar, 4Hughes-McLure S Mawdsley E Innovative finance for development? Vaccine bonds and the hidden costs of financialization.Econ Geogr. 2022; 98: 145-169Crossref Scopus (1) Google Scholar, 5Storeng KT de Bengy Puyvallée A Stein F COVAX and the rise of the “super public private partnership” for global health.Glob Public Health. 2021; (published online Oct 22.)https://doi.org/10.1080/17441692.2021.1987502Crossref Scopus (10) Google Scholar Today, another round of innovation is needed to address the future challenges of a post-pandemic, climate emergency world. However, we believe that the World Bank's 2022 white paper outlining how the proposed PPR FIF will work2World BankA proposed Financial Intermediary Fund (FIF) for pandemic prevention, preparedness and response hosted by the World Bank.https://thedocs.worldbank.org/en/doc/018ab1c6b6d8305933661168af757737-0290032022/original/PPR-FIF-WB-White-Paper.pdfDate: May 17, 2022Date accessed: June 27, 2022Google Scholar is a step back to the donor-driven past that even the funds of 20 years ago were trying to escape. Without a radical rethink, the crucial global public good of PPR will not receive the sustainable funding it needs. The answer is not to create yet another new fund similar to the existing ones. Global health financing is already too fragmented. Rather, the reforms that are needed today must focus on governance, meaningful participation (including of civil society organisations), and on broadening the base of contributors to all funds. The PPR FIF could pave the way for such changes.6World BankFinancial Intermediary Fund for pandemic prevention, preparedness and response—engagement.https://projects.worldbank.org/en/projects-operations/products-and-services/brief/financial-intermediary-fund-for-pandemic-prevention-preparedness-and-response-engagementDate: 2022Date accessed: June 27, 2022Google Scholar A narrative that explains this strategy to governments and their taxpayers is also required.7Glennie J The future of aid: global public investment. Routledge, London2020Crossref Google Scholar In our view, the most coherent approach that addresses these demands is the concept of global public investment (GPI).8Reid-Henry S Global public investment: redesigning international public finance for social cohesion—a preliminary sketch.Revue d'économie du développement. 2019; 27: 169-201Google Scholar GPI is an innovative approach to international public finance, whereby all countries contribute, benefit, and make decisions on equal terms.9Expert Working Group on Global Public InvestmentConsultation Report of the Expert Working Group on Global Public Investment.https://globalpublicinvestment.org/Date: 2020Date accessed: June 27, 2022Google Scholar, 10Kharas H Dooley M Sustainable development financing proposals for the global COVID-19 response. Brookings Global Working Paper #141.https://www.brookings.edu/wp-content/uploads/2020/08/development-financing-options_final.pdfDate: 2020Date accessed: June 27, 2022Google Scholar Within a GPI framework, all countries contribute according to a proportional formula and are empowered as decision makers through well designed constituencies that are based on key criteria such as income level. Well designed constituencies can help break decision-making blocs that only advance certain political or regional interests. As has been seen with the Global Fund and others, such constituencies can contribute to finding innovative compromise solutions to difficult questions.11Heltberg R Aghumian A The world needs better convening that fosters collective action. Brookings Future Development Blog, Oct 5, 2020https://www.brookings.edu/blog/future-development/2020/10/05/the-world-needs-better-convening-that-fosters-collective-action/Date accessed: June 27, 2022Google Scholar A PPR FIF that was organised according to GPI would encourage a much broader base of participating countries, international institutions, and civil society organisations. Under GPI principles, countries at all income levels would contribute to the proposed FIF, including potentially domestic spending by low-income and middle-income countries on agreed, defined global public goods within their own borders. This approach would increase transparency about how countries and their health systems—not only implementing partners and their projects—would benefit.12Independent Evaluation GroupResponding to global public bads: learning from evaluation of the World Bank experience with avian influenza 2006–13. World Bank Group, 2014http://ieg.worldbankgroup.org/Data/reports/avian_flu1.pdfDate accessed: June 27, 2022Google Scholar These features of GPI would ensure both a greater volume of contributions to a FIF for PPR and improved coordination across existing multilateral entities and implementing agencies. Finally, since contributions would be tied to rules on debt and fiscal capacity, GPI would avoid aggravating indebtedness and contribute to sustainable funding that focuses on the longer term needs of countries and communities. A central GPI principle is co-creation. In reimagining the PPR FIF along GPI lines, an immediate first step in the design of the fund should be a period of co-creation with representative partners. We, therefore, call on those countries attending the World Bank board meeting on June 30 and participants in the negotiations over the FIF's governance and design in the months following to commit to consultation with a globally representative group of countries and civil society, and with GPI as the agreed set of common principles. GPI is the only proposal to date that offers all countries a way to take responsibility for meeting our shared global public goods needs through meaningful representation. The PPR FIF could be the first place where the principles of GPI are concertedly applied and piloted to offer nations and the World Bank the chance to reimagine their place in global public finance. SR-H is the Director of the Institute for Humanities and Social Sciences at Queen Mary University of London, Research Professor at the Peace Research Institute Oslo, and a co-founder of the Global Public Investment movement. JL is the Director of Global Strategy at the strategic consultancy company Blossom, is a former communications director of WHO and the Global Fund, and a research fellow at Chatham House. CB is Director of Global Health Diplomacy at the Joep Lange Institute. DS is the Founder and President of the Board at the Center for Indonesia's Strategic Development Initiatives (CISDI). OH is Policy Director at the CISDI. MFBV is Coordinator of the civil society organisation Sanemos Por Igual, Mexico. SR-H, CB, OH, and MFBV have participated in a project funded by the Open Society Foundation related to the work discussed here." @default.
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• W4283780909 title "A new paradigm is needed for financing the pandemic fund" @default.
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