The world's biggest economies should create a forum to facilitate global coordination for the next pandemic, as well as a new financing facility to keep up with emerging threats, U.S. Treasury Secretary Janet Yellen and Indonesian Finance Minister Sri Mulyani Indrawati said on Tuesday, Reuters reports.

Yellen and Indrawati stated that the forum will provide the health and finance ministers with the opportunity to collaborate better and coordinate prevention, detection and the exchange of information. They added that the COVID-19 pandemic, which has killed nearly 5,200,000 people around the world, highlights the lack of preparedness at the state level and the absence of coordination between G20 countries.