We are now not discussing our need for FIF, but we are talking about what will be the governance, so that we can use this US$1.37-billion fundJakarta (ANTARA) - Minister of Finance Sri Mulyani Indrawati stated that the G20 Indonesia Presidency is seeking ways to maximize the Financial Intermediary Fund (FIF) commitment worth US$1.37 billion that has been collected.
"We are now not discussing our need for FIF, but we are talking about what will be the governance, so that we can use this US$1.37-billion fund,” Indrawati stated at the T20 Special Event: Sustainable Infrastructure Investment and Financing (SIIF) here on Monday.
T20 is an engagement group included in the G20 Financial Track, an international forum comprising 19 countries and the European Union that work together to handle major issues. Indonesia is holding the G20 Presidency this year. Meanwhile, the FIF was formed by the Indonesian G20 Presidency in the context of Prevention, Preparedness and Response (PPR).
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The minister noted that US$1.37 billion of FIF funds had, so far, been collected. The funding is the result of commitments from around 15 G20 member countries and three international philanthropic institutions to the PPR in pandemic handling.
He noted that of the G20 member countries that have committed to FIF, most came from developing countries, including India, which will lead the next G20 Presidency.
"The contributors to this FIF include China. Hence, actually, many developing countries, even India, which will hold the next G20 Presidency, are also contributing," Indrawati remarked.
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On the other hand, some developed countries are not committed to FIF, as they are committed to other health programs or institutions outside the G20.
However, the minister emphasized that currently, all G20 member countries are striving to maximize the use of these funds, especially for developing countries, so that they are able to meet their health needs.
This is done by appointing a supervisory board and implementing agency that can fulfill the task of utilizing FIF's resources in order to strengthen the health system in a particular country or region.
"This relates to the production of vaccines in certain areas. This kind of thing will be discussed by this board under the FIF," the minister remarked.
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Translator: Astrid Faidlatul Habibah, Katriana
Editor: Fardah Assegaf
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