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June 2, 2021

New US$50 Billion Health, Trade, and Finance Roadmap to End the Pandemic and Secure a Global Recovery

International Monetary Fund

Photo: International Monetary Fund Managing Director Kristalina Georgieva meets with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), at the IMF Paris Office. May 17, 2021. Paris, France. IMF Photo/Cyril Marcilhacy.

International Monetary Fund

Photo: A doctor holds a syringe containing the Pfizer COVID-19 vaccine at Howard University Hospital. March 12, 2021. Washington, DC, United States. IMF Photo/Joshua Roberts.

Geneva/Washington, DC, June 1, 2021 — The heads of the world’s predominant global financing, health and trade agencies have united in urging government leaders to urgently finance a new US$50 billion roadmap to accelerate the equitable distribution of health tools. It would help end the pandemic that has devastated lives and livelihoods for 18 months. It would also set the foundations for a genuinely global recovery, as well as enhanced health security.

The leaders of the International Monetary Fund, World Bank Group, World Health Organization, and World Trade Organization [Kristalina Georgieva, Tedros Adhanom Ghebreyesus, David Malpass, and Ngozi Okonjo-Iweala] have issued a joint statement. They say the governments must act without further delay or risk continued waves and explosive outbreaks of COVID-19 and more transmissible and deadly virus variants undermining the global recovery.

Leaders of the four agencies said: “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.”

The joint statement draws on a recent IMF staff analysis, which stated that US$50 billion in new investment is needed to increase manufacturing capacity, supply, trade flows, and delivery, which would accelerate the equitable distribution of diagnostics, oxygen, treatments, medical supplies, and vaccines. This injection would also give a significant boost to economic growth around the world.

“At an estimated US$50 billion, it will bring the pandemic to an end faster in the developing world, reduce infections and loss of lives, accelerate the economic recovery, and generate some US$9 trillion in additional global output by 2025, “said the leaders.

It echoes economic analysis by the International Chamber of Commerce and the Eurasia Group - both of which make a case for a relatively modest investment by governments compared to the trillions spent on national stimulus plans and lost trillions in foregone economic output. But the critical element of this is that it effectively spurs global vaccination and bridges the equity gap.

“Increasing our ambition and vaccinating more people faster: WHO and its COVAX partners have set a goal of vaccinating approximately 30% of the population in all countries by the end of 2021,” said the four leaders. “But this can reach even 40% through other agreements and surge investment, and at least 60 percent by the first half of 2022.”

The leaders have urged the governments to act on the investment opportunity to boost vaccines, oxygen, tests, and treatment supplies. The IMF, WBG, WHO, and WTO chiefs issued their joint statement as the World Health Assembly drew to a conclusion.

“To urgently get more shots in arms, doses need to be donated immediately to developing countries synchronized with national vaccine deployment plans, including through COVAX,” said the four leaders. “Cooperation on trade is also needed to ensure free cross-border flows and increasing supplies of raw materials and finished vaccines.”

The IMF, WBG, WHO, and WTO leaders would address a joint press conference later today to outline the new joint roadmap to ending the pandemic and driving the genuinely global and fast recovery.

Sources: IMF, WHO, WB, WTO


nternational Monetary Fund

Photo: International Monetary Fund Managing Director Kristalina Georgieva walks back to IMF HQ following her interview with the BBC’s Katty Kay. April 7, 2021. Washington, DC, United States. IMF Photo/Cory Hancock.

Following is the Joint Statement by Kristalina Georgieva, Tedros Adhanom Ghebreyesus, David Malpass, and Ngozi Okonjo-Iweala:


— Kristalina Georgieva is the Managing Director of the International Monetary Fund (IMF); Tedros Adhanom Ghebreyesus is the Director-General of the World Health Organization (WHO); David Malpass is the President of the World Bank Group; Ngozi Okonjo-Iweala is the Director-General of the World Trade Organization (WTO). StumbleUpon reddit Facebook Google Plus Tweet This Seed This on Newsvine

Edited & Posted by the Editor | 1:41 AM | Link to this Post

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