The World Bank’s 2017 pandemic response fund isn’t working
Private sector solutions don’t always fit public sector problems
The Washington Post "How do the world’s poorest nations tackle a global health crisis like the current novel coronavirus outbreak? After the 2014 Ebola epidemic in West Africa, the World Bank launched the Pandemic Emergency Financing Facility (PEF) — 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 cases of covid-19 (the disease caused by this coronavirus) 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." (Photo:
World Bank Photo Collection/flickr, CC BY-NC-ND 2.0)