The South African Group of Twenty (G20) Presidency will continue the focus on finance and health coordination through the Joint Finance and Health Task Force (JFHTF), as it recognises the high potential impact of health risks on the global economy.
This is according to the G20 Chair’s Summary of the first Finance Ministers and Central Bank Governors’ Meeting that took place in Cape Town from 26 February - 27 February.
The JFHTF seeks to enhance the collaboration and global cooperation on issues relating to pandemic prevention, preparedness and response, thus leaving the international community better prepared in the eventual case of future health threat outbreaks.
The Task Force will also promote the exchange of experiences and best practices, developing coordination arrangements between Finance and Health Ministries, promoting collective action and encouraging effective stewardship of resources to address the existing financing gaps in pandemic preparedness and response.
The G20 welcomed discussion on addressing deep challenges in the capabilities of countries to prevent, prepare for, and respond to pandemics.
“[The meeting] recognised the critical importance of sustainable health financing in addressing these challenges, and towards achieving health Sustainable Development Goals (SDGs) on universal health coverage. [The meeting] looked forward to the Task Force delivering important work this year by updating the Global Report based on the Framework for Economic Vulnerabilities and Risks.
“The South African G20 Presidency looked forward to updating the Operational Playbook for pandemic response with a focus on day zero and surge financing, as well as simulation exercises to assess the efficiency of domestic and international finance coordination in dealing with future health emergencies and identify any remaining gaps,” the summary statement said on Thursday.
The G20 welcomed the important contribution of the Pandemic Fund, as a component of pandemic prevention, preparedness and response financing.
It recognised current contributions and encouraged increased support to the fund, in particular through the voluntary expansion of its donor base.
“[The meeting] looked forward to the plan to take stock of the JFHTF since its establishment, to discuss and evaluate the options for its potential evolution. [It also] acknowledged the continued support of the World Bank and the World Health Organisation (WHO), and the WHO for hosting the JFHTF Secretariat,” the statement said.
Infrastructure development
Furthermore, the meeting recognised that increasing quality infrastructure investment is critical to support faster, inclusive and sustainable economic growth and development.
During the meeting, the Infrastructure Working Group discussed the importance of continuing to focus on addressing impediments to long-term finance and creating an enabling environment for infrastructure as an asset class.
In this regard, the Presidency will prioritise:
• the development of a robust, accessible and investable pipeline towards attracting private sector participation;
• exploration of blended finance de-risking measures to bolster sustainable infrastructure investment flows, particularly in Emerging Market and Developing Economies (EMDEs); and
• development of a toolkit to assist countries in overcoming significant barriers to advancing cross-border infrastructure projects.
-SAnews.gov.za
