U.S. commits up to $667 million to global Pandemic Fund

The U.S. has committed up to $667 million to global Pandemic Fund, or one third of the $2 billion resource mobilization goal, to support the Fund through 2026, the Treasury Secretary Janet Yellen announced Wednesday.

The global Pandemic Fund has set a goal of raising at least $2 billion in new direct funding, in order to continue its crucial work and respond to clear demand, while it is working to develop a sustainable resource mobilization plan that brings in new donors and new financing, the Treasury Department said in a statement.

The U.S., in addition, has called on all existing donors to double their initial pledges to the Pandemic Fund, and called for support from new partners including governments, the private sector, philanthropies, and civil society, noting they all have roles to play in order to advance the Fund's mission to make sure we are better prepared for the next pandemic.

"President (Joe) Biden and I believe that a fully-resourced Pandemic Fund will enable us to better prevent, prepare for, and respond to pandemics-protecting Americans and people around the world from the devastating human and economic costs of infectious disease threats," said Yellen at the Pandemic Fund Investment Case launch event on the margins of the G20 Finance Ministers and Central Bank Governors.

"The Pandemic Fund has shown itself to have tremendous potential as a catalytic mechanism in the fight against global pandemics, including crowding additional money into projects and seeking diversified funding streams," she added.

The U.S.' commitment is subject to Congressional appropriations and the availability of funds, said the Treasury Department.