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IMF seeks equitable distribution of Covid-19 vaccine to all countries

By on November 23, 2020 0 137 Views

Equitable distribution of Covid-19 vaccine across the spectrum would ensure quick recovery in global economies and add $9 trillion in income by 2025, the International Monetary Fund (IMF) has said.

IMF Managing Director Kristalina Georgieva, who said this while speaking with G20 leader at their virtual summit said the world leader must be determined to “end the health crisis.”

With vaccines on the horizon, we must ensure they reach everyone, everywhere. If we do this, the Fund estimates that it could add almost $9 trillion to global income by 2025. There could be no better value for money—or for the world,” Georgieva.

She also wants the world leaders to sustain support to businesses and workers until the end of the health crisis.

The IMF chief urged the group of 20 leading global economy leaders to jointly build the foundations of a better 21st century global economy and provide support for the poorest countries that are least equipped to withstand shocks.

According to her, the Debt Service Suspension Initiative, in particular, gave many poor countries much needed temporary ‘breathing space’.

She said the Common Framework for Debt Treatments beyond the DSSI, endorsed by G20 Leaders at their meeting will allow low-income countries with unsustainable debts to apply for permanent debt relief on a case-by-case basis, with a level playing field for creditors.

Georgieva said it is critical to operationalize this Framework promptly and effectively. Going forward, we must also help those countries not covered by the Framework to address debt vulnerabilities so that their economies can become more resilient.”

“I thanked the G20 for their support to the IMF, which has enabled us to deliver over $100 billion in new financing to 82 countries and debt service relief for our poorest members. I also emphasized that the world is not out of the woods yet in terms of this crisis. Cooperation is going to be even more important going forward on three priority fronts:

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She urged the G20 leaders to reinforce the economic bridge to recovery. “It is essential to sustain support to businesses and workers until we exit the health crisis—there must be no premature withdrawal.

“It is also time now to prepare for a synchronized green and digital infrastructure investment push to invigorate growth, to limit scarring, and address climate goals. If G20 countries act together, they can achieve two-thirds more at the same cost than if each country acts alone.

The most consequential uncertainty facing us today is how we can use the momentum of disruption caused by this crisis to build a better economy for all: revitalize the international trading system, foster an international system of taxation where everyone pays their fair share, and accelerate the transition to the new climate economy on which the health and prosperity of our children depend.

“Finally, we must not forget the world beyond the G20: the poorest countries that are least equipped to withstand shocks. The IMF will continue to count on the G20’s support to have all the necessary resources to best serve our member countries, and especially those who need our assistance the most.

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