World must invest at least $75 billion to prevent COVID-19 repeat - WTO boss

World Trade Organization Director-General Nigerian's Ngozi Okonjo-Iweala at the G20 finance ministers summit in Venice, Italy on Friday, urged the attending officials to ramp up efforts of coronavirus vaccine donations, distribution, and manufacturing support.

The efforts are in order to combat the ongoing global health crisis.

"In the continuing pandemic, vaccine inequity of access between developed and developing countries is a real problem and we need to address it."

In addition, a report presented by the High-Level Independent Panel of experts recommended that the world’s governments commit to increasing collective financing for preparedness for the next global health crisis.

The experts state that the sum of at least $75 billion over the next five years will be necessary in order to prevent a repeat of the global multilayered impact of the coronavirus pandemic.

The panel also warned, "The world is far from equipped to prevent or stop the next pandemic...There is every likelihood that the next pandemic will come within a decade -- arising from a novel influenza strain, another coronavirus, or one of several other dangerous pathogens.

"Its impact on human health and the global economy could be even more profound than that of COVID-19."

The suggested financing initiative would fund a coordinated surveillance and research network for infectious diseases, more resilient healthcare systems, better governance to manage crises, and an improved global capacity to produce vaccines.

"We must learn the right lessons from this pandemic in order to be well prepared for the next one," added Ngozi Okonjo-Iweala, director-general of the World Trade Organization.

Presenting the G20 Commissioned High Level Independent Panel
Report on Financing the next pandemic. With my panel co-chairs @Tharman_S and @LHSummers at the G20 meeting in Venice. Great support from the Italian G20 Presidency and G20 Finance Ministers. #pandemicprepardeness pic.twitter.com/XrnQEWDR6u

— Ngozi Okonjo-Iweala (@NOIweala) July 9, 2021

It was indeed a great interactive section. Well done, Dr Ngozi Okonjo-Iweala (@NOIweala) of @wto and all your colleagues at the @WorldBank, @WHO and the @IMFLive. Next meeting, I hope you all address the side effects of the vaccines, if need be. https://t.co/itT1AmF62F

— Kelechi Imo (@Kcee_Imo) July 5, 2021