TOKYO, 14th May, 203 (WAM ) — Finance and health ministers from the Group of Seven major powers agreed in an online meeting Saturday to develop a system to quickly provide funds in the event of a global pandemic, according to Jiji Press.
The move is based on lessons learned from the COVID-19 pandemic, including the delay in funding the distribution of vaccines to developing countries.
"The COVID-19 pandemic has revealed some limitations of the existing functions," the G-7 ministers said in a joint statement released after the meeting. They noted that financing during the pandemic was "too late" or "too limited."
The ministers proposed the introduction of a "surge" financing framework to enable the flexible use of funds in the event of an emergency.
The G-7 countries will work with their Group of 20 colleagues to hammer out the details of the proposed framework by the time when G-20 finance and health ministers meet in India in August.