Index: src/wp-includes/general-template.php
===================================================================
--- src/wp-includes/general-template.php	(revision 43298)
+++ src/wp-includes/general-template.php	(working copy)
@@ -709,6 +709,9 @@
 			global $wp_version;
 			$output = $wp_version;
 			break;
+		case 'privacy_url':
+			$output = get_privacy_policy_url();
+			break;
 		case 'language':
 			/* translators: Translate this to the correct language tag for your locale,
 			 * see https://www.w3.org/International/articles/language-tags/ for reference.