The Pandemic Emergency Financing Facility will generate global and national responses to disease outbreaks that threaten large population after the 2014 Ebola Disaster in West Africa
Pandemic Insurance Plan:
- Announced by: The World Bank
- To organize funds quickly against virulent disease outbreaks
- Combination of disaster insurance and bonds
Speeches by World Bank Head:
- Pandemics posed a serious threat to global health and economic security
- We were not prepared for the disaster of the Ebola crisis in West Africa
- No effective international system ready to respond quickly to a pandemic
Reaction of World Bank to Ebola
World Bank head is a medical Doctor and expert on Health and disease put the bank response to Ebola
- The Bank took months to pay millions of dollars or deploying health personnel, supplies and relief to Sierra Leone, Guinea and Liberia
- Kim, the head announced the creation of the PEF at the gathering of G7 finance ministers in Sendai, Japanwith a $50 million contribution
Insurance Coverage:
- Outbreaks of several classes of infectious diseases
- Orthomyxoviruses: Influenza pandemic viruses A, B and C
- Coronaviruses: SARS and MERS
- Filoviruses: Ebola and Marburg and other zoonotic diseases
- Zika virus not included, the deadly mosquito – borne virus
- Mostly spreads in America, whereas the bank is setting up separate emergency “Cash Window” and other outbreaks not covered
- Under the programme the 77 least developed countries will be covered by the insurance
About Pandemic
Epidemic of infectious disease that has spread through human populations across a large region – multiple continents, or even worldwide
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