The International Monetary Fund (IMF) has unveiled a $50 billion fund to end the COVID-19 pandemic.
In a ‘Proposal to End the COVID-19 Pandemic’, IMF Managing Director Kristalina Georgieva stressed the need to
contain the rising human toll and economic strain from the pandemic.
The plan proposes vaccination for, at least, 40 percent of the population in all countries by the end of this year and at least, 60 per cent by the first half of 2022.
The IMF proposal will include grants, national government resources and concessional financing.
Georgieva said: “There is a strong case for grant financing of, at least, $35 billion. The good news is G20 governments have already identified as important to address the $22 billion grant funding gap noted by the Access to COVID-19 Tools (ACT) Accelerator. This leaves an estimated $13 billion in additional grant contributions needed.
“The remainder of the overall financing plan—around $15 billion – could come from national governments, potentially supported by COVID-19 financing facilities created by multilateral development banks.”
Georgieva said saving lives and livelihoods has justification, adding that a faster end to the pandemic could also inject the equivalent of $9 trillion into the global economy by 2025 due to a faster resumption of economic activity.
