Head of delegates prepare for a meeting on the last day of the G20 finance ministers and central bank governors meeting in Jakarta, Indonesia, February 18, 2022. (Photo: REUTERS)

The US and Indonesia have been pushing for such a fund to help the world be better prepared to tackle future pandemics, but others have been concerned the fund could weaken the World Health Organization or other global health mechanisms.

However, a statement issued by Indonesia, chair of the G20, after meetings of finance ministers in Washington this week confirmed that the G20 had "reached a consensus" on establishing a new fund to address what it called the financing gap for pandemic preparedness, prevention and action.It said the most effective option would be a financial intermediary fund housed at the World Bank, and the aim was to finalize the details by the meeting of G20 health ministers in June.

The WHO and the World Bank earlier this week estimated that the annual gap in pandemic preparedness funding was 10.5 billion USD.