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COVID-19 pandemic: IMF proposes USD 50 billion global vaccination plan

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Google Oneindia News

Washington, May 22: The International Monetary Fund has proposed a USD 50 billion global vaccination plan that would cover at least 40 percent of the global population by the end of 2021 and at least 60 percent by the first half of 2022.

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With strong and coordinated action now-and with little in terms of financing relative to the outsized benefits-the world can durably exit this unprecedented health and economic crisis, IMF Managing Director Kristalina Georgieva said in her address to the G20 Health Summit.

"For some time, we have been warning of dangerous divergence of economic fortunes. It will only worsen as the gap widens between wealthy countries that have access to vaccines and poor countries that do not," she said.

IMF, she said building on the work of the WHO, World Bank, Gavi, African Union, and others, have proposed targets, estimates financing requirements, and lays out pragmatic action, which has three broad elements.

IMF projects India's growth rate to jump to impressive 12.5 per cent in 2021IMF projects India's growth rate to jump to impressive 12.5 per cent in 2021

"First, vaccinating of at least 40 percent of the global population by end-2021 and at least 60 percent by the first half of 2022. To do so requires additional upfront grants to COVAX, donating surplus doses and free cross-border flows of raw materials and finished vaccines," she said.

Second, insuring against downside risks such as new variants that may necessitate booster shots. This means investing in additional vaccine production capacity by one billion doses, scaling up genomic surveillance and supply-chain surveillance, and contingency plans to handle virus mutations or supply shocks.

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