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United States based World Bank announced Pandemic Insurance plan to mobilize funds

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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 bondsIndia (1945-2015) Largest recipient of loans from World Bank

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