WHO, World Bank, IMF and WTO propose a plan to fight the pandemic

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IMF, World Bank, WHO and WTO advocate for efforts to improve access to vaccination to reach end of pandemic faster| Photo: Bigstock

The leaders of the International Monetary Fund (IMF), the World Bank, the World Trade Organization (WTO) and the World Health Organization (WHO) unveiled plans to increase global access to COVID-19 vaccines and end the pandemic more quickly. on one release Published in several newspapers around the world on Tuesday (1), the leaders called on the governments of the richest countries to boost funding actions and donate more vaccines to the poorest countries. The donation will work not only to improve the global distribution of vaccines, but also to prevent the emergence of new forms of the coronavirus and the need for more pandemic restrictions around the world.

Organizations estimate that an additional $50 billion investment could rapidly end epidemics in developing countries, reduce infections and loss of life, accelerate economic recovery and still increase global output by 2025. could generate an economic benefit of $9 trillion. is based on collective effort and coordinated global action Study past IMF.

“Everyone wins,” say the leaders, who estimate that about 60% of those gains will go to emerging markets and developing economies, and the remaining 40% will benefit the developed world – “invaluable benefits to life and health”. Apart from. people”.

“It has become absolutely clear that there will be no comprehensive recovery from the COVID-19 pandemic without ending the health crisis,” the joint statement said. “Access to vaccination is essential for both.” The letter was published in preparation for the UK G7 meeting next week.

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This Friday (4), IMF Managing Director, Kristalina Georgieva should present the vaccination expansion plan during the G7 finance ministers meeting in London.

what needs to be done

The IMF and the World Bank already warned last year that the pandemic would delay progress in the poorest countries, leading to increased poverty. Now, organizations say a lack of access to vaccines will prolong the pandemic.

First, more people need to be vaccinated faster, leaders say. The WHO and its Covax initiative aim to vaccinate about 30% of the population in all countries by the end of this year. The group claims that this target could rise to 40% with new agreements and investments, and at least 60% by mid-2222.

Achieving these numbers would require additional investment in low- and middle-income countries, mainly in the form of subsidies and concessions, in addition to immediate donation of supplements to developing countries.

Second, there is a reduction in the risk of new forms of the coronavirus emerging that may require a booster dose. For this it is necessary to increase the production capacity of vaccines and diversify production in other areas.

Third, immediate enhancement of contact testing and tracing, oxygen supply, medical science and public health measures. The group also urged WTO members to intensify negotiations for practical solutions on the intellectual property of vaccines.

global distribution of vaccines

According to surveillance, more than 2 billion doses of vaccines against the new coronavirus have already been implemented in at least 176 countries. bloomberg. This amount would be enough to vaccinate 13.2% of the planet’s population. However, the global distribution is far from proportional, as wealthier countries and regions are vaccinated 30 times faster than low-income countries.

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To illustrate the gap in access to vaccines, the Bloomberg survey shows that the 27 richest places have 28.6% of vaccinations, although they have only 10.4% of the world’s population.

For example, the United States has 4.3% of the world’s population, but 15.2% of all vaccines against COVID in the world were implemented in a North American country.

Low-income countries have received less than 1% of the total vaccines so far. according to a report good The Rockefeller Foundation recently reported that half of Americans and a quarter of Europeans have received at least a first dose of the vaccine, compared with only 14% in South America, 4.8% in Asia and 1.2% in Africa already vaccinated. has gone. . With the current pace of vaccination in the world, it will take more than a year for global immunity to be able to prevent infections. IMF, WHO, WTO and World Bank note that a two-pronged pandemic is underway; Rich countries have access to vaccination and the poorest are left behind.

The Quadrilateral group says, “While some of the more prosperous nations are already discussing booster shot campaigns for their populations, most people in developing countries – even frontline workers – have yet to get their first dose. not found.” Unequal vaccination is negative for everyone, even for countries with advanced vaccinations.

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.

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