Reaction to the G7 Summit Communique from World Bank Group President Jim Yong Kim

May 27, 2016

ISE-SHIMA, JAPAN, May 27, 2016— The World Bank Group today issued the following statement from World Bank Group President Jim Yong Kim in reaction to the G7 Leaders’ Summit Communique:

On Pandemics:

"G7 leaders today took a major step toward protecting the world against pandemics by supporting the launch of the Pandemic Emergency Financing Facility (PEF). During the Ebola crisis, we learned that there was no effective international system in place ready to respond quickly to the threat of a pandemic, which pose a serious risk to global health and economic security. At last year’s G7 Summit in Germany, leaders asked us to develop a financial mechanism to help countries respond much more quickly to deadly outbreaks. Working closely with the World Health Organization, the private sector, and many development partners, the World Bank Group has delivered on the G7’s challenge. This rigorous, market-ready instrument will for the first time create a new market for pandemic risk insurance, and ensure that resources get to the right place at the right time to the sites of outbreaks before they spin out of control."

"One of the key benefits of the PEF is that it will encourage countries and their development partners to make critical investments in outbreak preparedness and health system strengthening, toward the goal of universal health coverage (UHC). G7 leaders have rightly signaled the vital importance of these investments, which are a priority for IDA, the World Bank Group’s fund for the poorest countries. We look forward to working closely with our development partners to ensure a strong IDA replenishment this year, which will enable us to do even more to step up preparedness, and accelerate progress toward ending extreme poverty by 2030 and boosting shared prosperity."

On Migration and Refugees:

"Managing the refugee crisis and other global risks is a critical development challenge given its protracted nature. At the recent World Humanitarian Summit convened by UN Secretary-General Ban Ki-moon, the World Bank Group announced with six other multilateral development banks our full commitment to the forced displacement crisis, including joint action on data and evidence, country-level engagements, and innovative financing mechanisms. We have developed the MENA financing facility and are now working on a global crisis response platform, which would provide resources to low- and middle-income countries hosting refugees across the world. We look forward to working with humanitarian and other partners in new and complementary ways to do better with what we have, and have more to do even better."

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