The World Bank’s 2017 pandemic response fund isn’t working
How do the world’s poorest nations tackle a global health crisis like the current coronavirus outbreak? After the 2014 Ebola epidemic in West Africa, the World Bank launched the Pandemic Emergency Financing (PEF) facility — an insurance-based mechanism to raise money for pandemic responses in low-income countries through “catastrophe bonds” and derivatives.
The coronavirus pandemic is exactly the situation for which the PEF was designed. Most of the PEF-eligible countries are reporting covid-19 cases and urgently require billions of dollars to scale up their public health response. So far, the PEF has yet to pay out a single dollar. Here’s what happened and why.… Seguir leyendo »