1


Board-2023- Mtg-04-PPC Committee Chair Report
Report to the Board
6-7 December 2023

Subject Programme and Policy Committee Chair Report
Category For Information
Section A: Introduction
• This report provides the Board with an overview of the activities of the
Programme and Policy Committee (PPC ) since the Committee Chair last
reported to the Board in June 2023 .
• On 24- 26 October 2023, the PPC held an in -person meeting. During the
meeting, the Committee discussed a number of important topics for the Alliance
and agreed on recommendations which are being put forward to the Board at
its 6 -7 December 2023 meeting for consideration.
• The PPC Chair report is attached in the form of a presentation as Annex A and
the PPC recommendations to the Board are attached as Annex B.
Annexes
Annex A: PPC Chair report
Annex B : PPC recommendations to Gavi Alliance Board

gavi.orgPROGRAMME AND POLICY COMMITTEE CHAIR REPORT
BOARD MEETING
Anne Schuchat
6 - 7 December 2023, Accra, Ghana
Annex A

1


Board -2023- Mtg-04-IFFIm Chair Report
Report to the Gavi Board
6-7 December 2023

Subject IFFIm Chair Report
Category For Information
Overview
• This report provides the Board with an overview of the activities of IFFIm’s
support to date for Gavi’s 2021 - 2025 strategic period and expected future
capacity.
• The IFFIm Board, in consultation with Gavi and the World Bank (IFFIm’s
Treasury Manager), are developing a strategy to support Gavi through the
5.0/5.1 strategic period and beyond.
• As part of continued efforts to maximise IFFIm's strategic value for Gavi, the
Gavi Secretariat , World Bank, donors and the IFFIm Board are coordinating to
establish a Contingent Financing Mechanism to support Gavi’s Pandemic
Preparedness and Response ( PPPR) work.
• IFFIm has reviewed administrative aspects of i ts operations including the
United Kingdom’s annual rating of IFFIm as A+, Moody’s revised credit rating
outlook to stable and a joint session with the Gavi A udit and Finance
Committee. Additionally, recruitment for the IFFIm Board is underway .
• Annexed hereto, is the IFFIm Chair Report to be presented and discussed
during the forthcoming Gavi Board meeting.
Annex es
Annex A : IFFIm Chair Report

1 Board-2023-Mtg-04-Investment Committee Chair Report
Report to the Board
6-7 December 2023
Subject Investment Committee Chair Report
Category For Information
S ection A : Introduction
• This report provides an overview of the activities of the Investment Committee
(“Committee ”) since the Chair last reported to the Board in June 2023.
• All values are reported as of 30 September 2023. The long-term portfolio value
is US$ 1.2 billion. Another US$ 25 million advance contributions are en route
for investment and US$ 2 million resides with Gavi’s Swiss custodian available
for immediate investment.
• The financial markets faced a battery of geopolitical and macroeconomic risks
leading to periods of volatility but not at the levels experienced in 2022. T he US
Fed eral Reserve’s higher -for -longer interest rate policy triggered market
volatility while other events such as Fitch’s downgrade of US debt in August
and Moody’s subsequent ratings outlook notice in November passed with
limited reaction. Fitch’s call to attention of the US government’ s fiscal and debt
management may not be heeded now but it will have real impact on government
spending in the future. Higher interest rates mean higher debt service
(mandatory government spending) , and a potential for crowding out
d iscretionary spending allocations .
•T

he COVID -19 pandemic and Russia- Ukraine war revealed less than resilient
global supply chains , leading to a demand- supply imbalance with inflation as
its manifestation. Large government stimulus programmes exacerbated the
demand side of the imbalance. Major central banks unleashed a rapid increase
in interest rates to dampen demand and reduce inflation, and they have been
successful in their trajector ies but still short of their preferred target s for
inflation . In the US, the annual inflation peaked at 9.1% in June 2022 and
subsequently dropped to 3.2% in October 2023, but it is still short of the
preferred 2% inflation target .
•O

n the fixed income front, major markets’ interest rates continued to rise in
2023 as a result of central bank actions and market expectation though at a
much less rapid pace than what occurred in 2022. Global bonds had significant
negative retur ns in 2022 as a consequence for the rapid pace of interest rate
hikes (e.g., bond prices and interest rates move in opposite directions) but also
from a starting point of very low yields. In 2023, the higher current yields helped
temper the decline in bond prices. The broad fixed income market, as
represented by Bloomberg Multiverse index, had a negative year -to -date retur n
of -1.9% at the end of September and clawed back into positive territory with
strong performance during the months of October and November . Interest rates

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gavi.org
REPORT FROM AUDIT AND INVESTIGATIONS
BOARD MEETING
Lucy Elliott
6-7 December 2023, Accra, Ghana
How has A&I fulfilled its To Rin 2023?
Overseen, reviewed and monitored by the Audit and Finance Committee (AFC)
2 Board Meeting, 6- 7 December 2023: Report from Audit and Investigations
•Recommendations for improvement in governance,
risk management and control in the Secretariat and
Gavi implementing countries
• Reinforced country accountability
• US$ 45.2 million identified since 2009
• US$ 39.3 million repaid as at the last report to the AFC
• Objective is 100% recovery
• Fraud risk assessment methodology piloted
• Review of Gavi’s policies around ethics etc
• Appropriate treatment of reports
•Accountability
A&I’s Terms of Reference continue to be adequate to enable A&I to accomplish its objectives
AFC -approved work plan of country -
and secretariat -focused audits
Identification of misuse
Preventive counter -fraud work
Confidential whistle- blower reporting
Investigative activity

gavi.org
COVAX UPDATE
BOARD MEETING
Derrick Sim
6-7 December 2023, Accra, Ghana
Health care workers
COVAX has made considerable achievements to date
2 Board Meeting, 6-7 December 2023
Source: WHO COVID -19 vaccine information hub as of 23 Sept 2023; Imperial College estimates of the impact of COVID- 19 vaccination in COVAX AMC countries, 27 Feb 2024
•57% coverage with complete primary series among
AMC participants • 17% coverage with booster dose
• Only 6 countries remain under 10% coverage
COVID -19 coverage
• 84% vaccinated with the complete primary series
• 57% reached with a booster dose
Older adults
•72% vaccinated with the complete primary series
• 24% reached with a booster dose
As of end 2022, estimated 2.7 million deaths averted due
to COVAX -supported doses among AMC participants
COVID -19 impact

gavi.org
PANDEMIC PREVENTION,
PREPAREDNESS AND
RESPONSE APPROACH
BOARD MEETING
Derrick Sim
6-7 December 2023, Accra, Ghana
The Pandemic Preparedness, Prevention and Response (PPPR) approach
brings together Gavi’s historic contribution to PPPR and its evolution as
part of Gavi 5.1
2
PPPR is core to the Alliance’s mission and an integral part of its four strategic goals
 Gavi’s PPPR role evolved in response to the COVID- 19 pandemic, resulting in the Gavi 5.1
strategy and summarised in the proposed PPPR approach
 With climate change and other factors increasing risk of outbreaks and pandemics, Gavi proposes
a set of investments for Gavi 5.1, learning from COVAX and other recent outbreaks
 Several global and regional level efforts are underway to strengthen and shape the future global
health and PPPR architecture
 The aim is to integrate into any future medical counter -measures network
 The work would be driven by an expanded coalition of vaccine partners including, and building
on, the group that came together to fight COVID- 19
 The nature and level of ambition for PPPR will be considered through the Gavi 6.0 strategy
process
Board Meeting, 6- 7 December 2023

gavi.org
African Vaccine
Manufacturing Accelerator
BOARD MEETING
Marie-Ange Saraka- Ya o
6 -7 December 2023, Accra, Ghana
African Vaccine Manufacturing Accelerator (AVMA)
supports a resilient, secure, competitive African
Vaccine Manufacturing industry
Board Meeting, 6-7 December 2023
AVMA is a key part of
Gavi’s support to the
African Union’s vision:
•African
manufacturers
participate
competitively
• Global market health
is protected
• AVMA is one
component within an
African Union -led
ecosystem
- 60 -80 -100 -110 -120 -120 -110 -110 -110 -100
Year 1 2345 678910
However, there are significant challenges
+20%
operating costs
+50%
capital expenditures
+ 40%
labor costs
Higher initial costs compared with incumbent
manufacturers …
… resulting in unviable businesses. Example of
Measles
-Rubella cashflows (Cumulative, US$ million)
​
Strong momentum: Substantial policy and financial commitments
>30
Announced
projects
2

gavi.org
Road to Replenishment
BOARD MEETING
Marie-Ange Saraka- Ya o
6 -7 December 2023, Accra, Ghana
Gavi 5.1 resources are planned to be utilised
(US$ millions)
Opex
Partner support
Cash -based support
Vaccines
Gavi 4.0 Gavi 5.0
(Dec. 2020) Gavi 5.1
(Dec. 2023 v21) Gavi 5.1
(2021– 23) Gavi 5.1
(2024– 25)
Gavi 5.0 / 5.1 evolution Gavi 5.1 v21 to date /remaining
* Does not sum due to rounding
*
Strategic
Investments
Board Meeting, 6- 7 December 2023

Gavi, the Vaccine Alliance produced its annual evaluation report for 2022, which offers an overview of both recently completed and ongoing centralised and decentralised evaluations, along with updates on efforts to strengthen Gavi’s evaluation function.

1


Board-2023-Mtg-04-Audit and Finance Committee Chair Report
Report to the Board
6-7 December 2023

Subject Audit & Finance Committee Chair Report
Category For Information
Section A: Introduction
• This report provides the Board with an overview of the activities of the Audit
and Finance Committee (AFC) since the Committee Chair last reported to the
Board in June 2023 .
• Since the last Board meeting, the AFC met two times (17 October in London
and 4 December virtually ) to consider Gavi recurring matters in accordance with
the standard workplan for Gavi 5. 1 and the Office of the COVAX Facility. As
part of the programme of the October meeting the AFC participated in a joint
t echnical briefing session on Gavi 6.0 design with the IFFIm Board .
• Subjects reviewed are noted under Section B and matters to be reviewed in
upcoming meetings are presented under Section C.
• AFC recommendations to the Board are attached as Annex A.
Section B: Subjects reviewed
1. Financial Update
Management Reporting • The Secretariat presented an update on financial performance as of September
2023 under the CEO, Programmatic and Quarterly Management Report
Updates section. Reporting was significantly expanded and enhanced to
respond to AFC members’ requests and feedback to provide more analysis of
underlying programmatic spend, funds with Alliance partners and a country
breakdown of HSS spending.
Financial Forecast (Gavi Core and COVAX)
Gavi 5.1 forecast
• The AFC reviewed the updated forecast which reflect s an increase in
US$ 157 million in Qualifying Resources and an increase in programmatic
expenditures of US$ 21 million before new investment approval s.
• The Secretariat commented on the key drivers : US$ 115 million investment
income returns , US$ 171 million of accelerated programmatic activity
supporting Gavi 5.1 must wins and US$ 150 million release of working capital
agreed with UNICEF S upply Division (SD) .