Singapore: Speaking at a conference in Washington, Mr Jim Yong Kim, president, World Bank warned that the world is 'dangerously unprepared' for deadly pandemics like Ebola, that gripped West Africa in a deadly outbreak. Mr Kim said, it was vital that governments, corporations, aid agencies and insurance companies worked together to prepare for future outbreaks.

"More than 8,500 people have died, most in Sierra Leone, Guinea and Liberia. The outbreak has been devastating in terms of lives lost and the loss of economic growth in Guinea, Liberia and Sierra Leone," said Mr Kim.

He observed that it was important to learn lessons from the deadly outbreak and prepare for future pandemics. He mentioned that the World Bank Group had been working with the World Health Organisation (WHO), other UN agencies, academics, insurance company officials and others to work on a concept of developing a financial "pandemic facility".

Mr Kim further urged that member nations must come together prepare for future pandemics by building stronger health systems, improved surveillance and chains of supply and transportation, and fast-acting medical response teams.