World Bank’s Pandemic Emergency Financing Facility Will Improve Global Health Security
Washington Post: Jim Yong Kim: A plan to deal with the next pandemic
Jim Yong Kim, president of the World Bank Group
“…Pandemics are a global security threat, and they demand a truly global response. … This, in fact, is about to happen. … The newly created Pandemic Emergency Financing Facility will leverage money from wealthy countries, capital markets, and the reinsurance industry, and use those funds if needed to mount a rapid early response to shut down an outbreak with pandemic potential — and at a fraction of the cost of delayed action. This facility, which will be up and running later this year, will disburse money quickly through two routes. First, it will open up an entirely new insurance market: pandemic risk insurance. … Second, in the event of emerging or more unpredictable types of outbreaks for which extensive data is not yet available, such as Zika, the facility can use cash to trigger a faster response. … By having a global system at the ready to get money to the right place at the right time, we have the potential to save thousands — even millions — of lives and protect the global economy from trillions of dollars in losses” (7/1).