Mr Tharman also spoke about repurposing international financial institutions – both to bolster countries’ preparedness in normal times and to respond quickly when a pandemic happens.
Noting that the International Monetary Fund, the World Bank and multilateral development banks have the ability to catalyse domestic investments by national governments and leverage private sector investments, he said: “We have to make financing of global public goods for resilience against climate change as well as pandemic security, part of the core mandates of these international financial institutions”.
Mr Tharman noted that current funding for global health is raised by the individual global health organisations on a “siloed” basis. It is also “largely dependent” on discretionary bilateral aid.
“The result is a non-system of complex, inefficient, unpredictable, and greatly inadequate funding,” he explained.
The panel he co-chairs has therefore proposed the establishment of a new multilateral funding mechanism for global health security called the Global Health Threats Fund.
It is aimed at mobilising at least US$10 billion (S$13.5 billion) a year from the international community, Mr Tharman said.
“That sounds like a large sum but US$10 billion spread across a large number of countries on a fair and equitable basis means national contributions that are less than one-thousandth of the annual budgets of almost all countries,” he said.
The Global Health Threats Fund will fund existing institutions and networks, as well as prioritise and reprioritise based on the “needs of the times”, he added.
To ensure financial oversight and better governance, the panel proposed an inclusive, G20-Plus board comprising health and finance ministers.
Mr Tharman stressed that the world cannot prevent recurring pandemics through incremental reforms to individual institutions.
"We must instead strengthen multilateralism," he said.
“The collective investments required as part of this deal are affordable. They will help us avoid blundering into pandemics again and again," he added.
"We’ll have to proceed with urgency. It will be economically and politically myopic and morally indefensible to defer the collective actions and investments that are in both the global interest and the national self-interest everywhere.”
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2021-08-26 07:50:23Z
CBMiZGh0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vc2luZ2Fwb3JlL2NvdmlkLTE5LXByZXBhcmluZy1uZXh0LXBhbmRlbWljLXRoYXJtYW4td2hvLXBhbmVsLTIxMzY5ODHSAQA
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