Finance and health ministers from the world’s largest economies are convening in Rio de Janeiro today to discuss pressing global economic and global issues, including the urgent threat of another devastating pandemic. The rapid spread of mpox and bird flu, and the recent Marburg virus outbreak, underscore the immediate need for new and sustained investments in pandemic preparedness to bolster our collective defenses.As the former finance minister for Indonesia and the current health minister for Rwanda, we represent diverse nations, yet we stand united against the common threat of pandemics. Climate change, migration, urbanization, and a rise in drug-resistant infections dramatically increase the likelihood of dangerous outbreaks. Experts warn there is a more than 50% chance of another pandemic on the scale of COVID-19 within the next 25 years—and it could strike at any moment. As COVID-19 demonstrated, an outbreak anywhere poses a grave risk to everyone, regardless of wealth or location.The slow global response to COVID-19 caused over 7 million needless deaths and wiped out nearly a decade of global progress in improving life expectancy. But the impact extends far beyond health. The COVID-19 pandemic cost tens of trillions of dollars in economic losses and caused what the World Bank Group calls a “historic reversal” in economic growth for half of the world’s vulnerable countries. Countries are still grappling with the aftershocks of the pandemic, including significant debt burdens and dramatic learning loss. As co-chairs of the Pandemic Fund, we are acutely aware of the unprecedented global challenge posed by pandemics, which is why the Fund is designed to face this challenge head-on. The Pandemic Fund is the first and only multilateral financing mechanism dedicated to strengthening pandemic prevention, preparedness, and response. By mobilizing financing, the fund helps low- and middle-income countries strengthen critical capacities such as disease surveillance and early detection, laboratories for rapid testing, and health emergency workforce that are essential to stop outbreaks from spreading. Just last week, the Pandemic Fund Governing Board awarded its second round of grants for a total investment to date of $885 million for 47 projects, mobilizing an additional $6 billion in resources for pandemic prevention, preparedness, and response (PPPR) investments for 75 countries across six geographical regions—from countries’ domestic resources and through co-financing from a wide range of partners including multilateral development banks.However, due to the high demand in many countries, the Pandemic Fund will exhaust most of its funds by next June. We urge global leaders to commit at least $2 billion to recapitalize the Pandemic Fund for the next two years, with all countries contributing according to their means, because preventing pandemics benefits everyone. We are delighted that as of today we have reached almost half of this fundraising goal—and call on more donors to play their part.In May, health ministers agreed to strengthen the International Health Regulations. Many cash-strapped governments need external assistance to meet these obligations. In the latest funding round, requests to the Pandemic Fund totaled $4.5 billion from 136 countries—exceeding our resources more than eight-fold. This underscores the need for much greater investment from the international community.Two years ago, G20 leaders heeded the lessons of COVID-19 and wisely established the Pandemic Fund. This initiative has already begun to yield dividends globally. Ethiopia is building an electronic alert system and shoring up its health workforce and supply chains to provide surge capacity and reliable access to essential medical products. Cambodia is building a national veterinary vaccine center and connecting wildlife and human health surveillance systems for faster detection of emerging pathogens with pandemic potential. The Caribbean Public Health Agency is fostering collaboration among 12 countries to share information and ensure their vital tourism sectors are ready for public health emergencies, including the increasing onslaught of superstorms fuelled by climate change.While safeguarding the future, the fund is also addressing today’s crises. The ongoing mpox outbreak has taken a heavy toll on African countries, especially on children, exposing weak surveillance systems and uneven access to vaccines. In September, the fund’s board fast-tracked funding to 10 countries to boost their response.Today’s relatively modest investments in more resilient health systems will save trillions in pandemic-related costs later. The fund is also a force multiplier: It is built to crowd in additional resources from multilateral development banks, bilateral and global agencies, foundations, and the private sector in a coordinated manner while incentivizing countries to invest more in preparedness. Every dollar awarded from the Fund delivers an estimated $6 in additional financing—and can fill what leading finance experts have conservatively estimated is a $15 billion annual international financing gap for pandemic preparedness across priority areas.The bottom line is clear: Substantial and sustained financing is essential to bolstering global health security. Outbreaks are inevitable, but pandemics are not. They result from systemic and leadership failures to plan, prepare, and stay vigilant.Our message to finance and health leaders: Now is the time to double down on the Pandemic Fund, so it can fulfill its mission to protect the world from future health pandemics. Invest now to make sure the world is not caught unprepared again.More must-read commentary published by Fortune:The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
