The IMF says that the end of the epidemic is possible at a cost of about US $ 50 billion. Economy

The IMF says that the end of the epidemic is possible at a cost of about US $ 50 billion.  Economy

Hey International Monetary Fund (IMF) A $ 50 billion proposal to end the Kovid-19 pandemic was released on Friday (21), with at least 40% of the population in all countries by the end of 2021, and at least 60% of the population by the first half of 2022. Vaccination will be done.

By doing so, IMF officials said, the rapid restoration of economic activity would cause an injection of the equivalent of $ 9 trillion into the world economy by 2025., With rich countries potentially benefitting the most.

IMF Managing Director Kristalina Georgieva said at a health summit organized by the European Commission and the G20 To ensure a rapid end to the epidemic, it makes sense for rich economies to increase donations.

“Advanced economies – said to contribute more to this effort – will likely capture the largest return on public investment in modern history, with 40% of GDP and about $ 1 trillion in additional tax revenue,” he said. said.

Kristalina Georgieva, Managing Director of the International Monetary Fund, in a collection image – Photo: Reuters

The proposal by IMF chief economist Geeta Gopinath and team economist Ruchir Agarwal expands the already ongoing efforts by the United Nations, World Health Organization and other groups to access tool accelerators against Kovid-19 (ACT).

The plan would cost about $ 50 billion to implement, with $ 35 billion to be paid through donations from wealthy countries, private and multilateral donors, and the remaining $ 15 billion to low-interest financing, or available interest, by national governments. To be financed using free money from multilateral development banks

The IMF authors said that the G20 countries have already accepted the need for grants of about $ 22 billion to face the crisis, requiring about $ 13 billion in additional grants, reaching $ 50 billion. is.

He said that without immediate action, many emerging and developing countries may have to wait until the end of 2022 or later to control the epidemic.

See also  Swedish ref's profession is 'over' just after racist remarks to Guinean

About the author: Muhammad Wayne

Wayne is a reporter who covers everything from oil trading to China's biggest conglomerates and technology companies. Originally from Chicago, he is a graduate of New York University's business and economic reporting program.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *