World Bank pandemic financing scheme serves private sector interests over global health security, new LSE analysis suggests

World Bank pandemic financing scheme serves private sector interests over global health security, new LSE analysis suggests

However, the report shows not only has PEF’s insurance scheme not released any funds since its inception, there are only two occasions since 2006 when it would have been triggered: the outbreak of Rift Valley fever in 2006 and Ebola in 2014-16. This is while other emergency funds (such as the World Health Organisation’s Contingency Fund for Emergencies or the United Nations Office for the Coordination of Humanitarian Affairs’ Central Emergency Response Fund) have consistently paid out.

The report finds that PEF has, however, paid $114.5m to private investors as coupons, mainly financed through public funders. This has lead the authors to suggest PEF appears to be serving private investor interests more than contributing to global health security.

The authors note: “Our analysis suggests that the criteria for PEF’s insurance window are too stringent to mitigate risks posed to global health security. What’s more, a recent appraisal of the scheme has shown that more money was paid out to investors than to eligible countries facing disease outbreaks.

http://www.lse.ac.uk/News/Latest-news-from-LSE/2019/j-October-2019/World-Bank-pandemic-financing-scheme-serves-private-sector-interests-over-global-health-security-new-LSE-analysis-suggests

Unbelievable!!!