The leaders of global organisations in trade, health and banking have called on world governments to consider a US$50 billion financing plan that will help countries to heal from the ravaging impacts of the coronavirus.
In a press statement released on June 1, 2021, Tedros Adhanom Ghebreyesus (International Monetary Fund), Kristalina Georgieva (World Bank Group), David Malpass (World Health Organization) and Ngozi Okonjo-Iweala (World Trade Organization) said there is need for financing to not only help in vaccination but also funding global economic recovery.
Although they acknowledged that various countries were doing a good job in their vaccination drive, they pointed out an imbalance where developed countries had a surplus of jabs at the expense of poor countries. They said this sounded illogical given that there is no uniform effort in solving the problem.
The stated: ‘‘By now it has become abundantly clear there will be no broad-based recovery without an end to the health crisis. Access to vaccination is key to both.
‘‘There has been impressive progress on the vaccination front. Scientists have come up with multiple vaccines in record time. Unprecedented public and private financing has supported vaccine research, development and manufacturing scale-up.
‘‘But a dangerous gap between richer and poorer nations persists.’’
Funding
The group mentioned the financial need to the tune of US$50 billion to help in clearing the virus and its impacts by 2025. Borrowing from the script of the International Monetary Fund (IMF), the group expects the money to be used to support the functions of WHO, WTO and World Bank Group and the global vaccination campaigns.
‘‘At an estimated $50 billion, it will bring the pandemic to an end faster in the developing world, reducin infections and loss of lives, accelerate the economic recovery, and generating some $9 trillion in additional global output by 2025.
‘‘ It is a win for all — while around 60 per cent of the gains will go to emerging markets and developing economies, the remaining 40 per cent will benefit the developed world. And this is without taking into account the inestimable benefits on people’s health and lives,’’ the stated.
More jabs
The global bodies are routing for a plan where atleast 30 per cent of the world population shall have been inoculated by the end of 2021. In overall, the plan is to ensure that 40 per cent of the medical, economic and financial recovery blueprints are met.
They bank on ‘‘additional financing for low- and middle-income countries, with a very significant proportion in the form of grants and concessional financing.’’ They also intend emphasise that ‘‘doses need to be donated immediately to developing countries synchronised with national vaccine deployment plans, including through COVAX.’’
They have also prescribed the use of booster shots to combat the mushrooming challenge of COVID-19 variants that keep on emerging. With one billion capacity vaccine production, the organisations are hoping increase the exercise and limit the virus burden.