Janet Yellen Secretary of the Treasury | Twitter Website
As Prepared for Delivery
Thank you for the introduction. I am pleased to be here today to celebrate the launch of the Pandemic Fund’s Investment Case and to announce the United States’ intended pledge to support the Pandemic Fund through 2026.
Two years ago, finance and health ministries came together in record time to launch the Pandemic Fund to address the critical gaps in pandemic prevention, preparedness, and response revealed by the COVID-19 pandemic. The Pandemic Fund has since accomplished an extraordinary amount in an extremely short time. In just two years, it has raised nearly $2 billion from 25 countries and three philanthropies and leveraged an additional $2 billion in financing from countries and implementing partners like the multilateral development banks and the World Health Organization. With these funds, it launched two calls for proposals and has already provided over $330 million for projects across 37 countries that will tangibly improve our collective ability to prevent and prepare for future health shocks. This fall, the Pandemic Fund will award an additional $500 million to new projects.
As we look ahead, we need to make sure the Pandemic Fund is equipped with the resources it needs. Last September, when I spoke at the one-year anniversary of the launch of the Pandemic Fund, I emphasized that health emergencies are first and foremost a human tragedy and they also impact all aspects of the economy. We know that a fully resourced Pandemic Fund will benefit the American people and people around the world by mitigating the immense human and economic costs we’ve seen from pandemics like COVID-19.
The Pandemic Fund’s new strategic plan includes developing a sustainable resource mobilization plan. The United States is urging existing donors to increase their contributions and is calling for support from new partners so the Pandemic Fund can reach our goal of an additional at least $2 billion in direct contributions and at least $2 billion in co-financing, and continue its crucial work.
We are also committed to leading by example. Today, I am proud to announce that the United States intends to pledge up to $667 million, or one-third of the Pandemic Fund’s $2 billion goal, to support the Pandemic Fund through 2026. We call on all donors to double their initial pledges to the Pandemic Fund, and we look forward to a successful pledging event in October with an even broader donor base.
Let me also emphasize that governments, private sector entities, philanthropies, and civil society all have roles to play in advancing the Pandemic Fund’s mission to ensure better preparedness for future pandemics. And this fund doesn’t exist in isolation. Achieving our goals also depends on other multilateral efforts aimed at strengthening global health systems. Over this past year alone progress has been made; successfully amending International Health Regulations nearing consensus on a new pandemic agreement evolving MDBs so they can better assist countries facing global challenges like pandemics rallying support for initiatives such as G20 Finance-Health Task Force enhancing coordination between finance & health ministries preparing against potential threats globally encouraging IMF collaboration with World Bank Resilience Sustainability Trust programs focused on readiness
Finally congratulations appreciation extended towards Board Secretariat Partners tireless dedication accomplishments thus far affirming U.S commitment ongoing work ahead
###
