Opinion: “We need a new way of thinking about international cooperation. Financing pandemic prevention is fundamentally not about aid to other nations but collective investments in global public goods that benefit all nations, rich and poor.”
We must invest significantly more to close the major gaps in global public goods, often in the national and regional capacities that are critical to detecting and thwarting outbreaks. A massively scaled-up network of early warning systems is needed, as well as efforts to prevent zoonotic spillovers at their source.Most countries also lack the core capacities to control infectious-disease outbreaks, which are both for their own benefit and the global good.
The Group of 20 panel we co-chaired assessed that the world needs, at absolute minimum, an additional international investment of $15 billion per year in these global public goods, or a doubling of current levels. But covid-19 demonstrates that the costs of a pandemic are several hundred times more than these preventive investments.To succeed we must find creative ways to strengthen multilateralism.
Second, we must repurpose the Bretton Woods institutions. The World Bank and International Monetary Fund were created more than 75 years ago, to help countries deal with their own challenges. Their mandates must be updated for an era where the largest challenges facing countries, including the developing world, lie in the threats to the global commons.
The new fund will enable both scale and agility in plugging the gaps in global public goods. It should also aim to catalyze domestic investments by governments, and private and philanthropic funding. However, it should be designed to support existing institutions and networks that have boots on the ground, rather than become an operating institution in its own right and add to further fragmentation of the system.
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