Seoul’s finance minister has expressed support for the swift establishment of a global fund aimed at better responding to future pandemics.
According to the Ministry of Economy and Finance on Wednesday, Finance Minister Choo Kyung-ho issued the stance during a virtual meeting of finance and health ministers from the Group of 20 major economies the previous day.
The ministry said Choo supported the prompt establishment and operation of the global pandemic fund, called the Financial Intermediary Fund(FIF), amid concerns about a pandemic resurgence. The minister also said Korea will examine appropriate ways to contribute to the fund.
During the meeting, the World Bank announced a plan to establish the fund by this fall.
The fund, created through donations from countries and private organizations, will be used for pandemic response projects by the World Health Organization, U.N. agencies and the World Bank.
The ministry will continue to monitor the evolution of FIF-related discussions after the meeting and examine ways to respond.