The fmi proposes a $50 billion plan to end the pandemic

The fmi proposes a $50 billion plan to end the pandemic
International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a joint press conference at the end of the Summit on the Financing of African Economies in Paris on May 18, 2021. / AFP / POOL / Ludovic MARIN

The plan aims to vaccinate Covid-19 at least 60% of the world’s population by the end of 2022 to allow for a global economic recovery. The authors of the report point out that it is now recognized that there will be no “sustainable end” of the economic crisis without an end to the health crisis. “for some time, we have been alerting to a dangerous divergence in economic situations,” said the head of the institution.

Strengthening of international machinery covaxTo put the planet back on the path of growth, the fmi is making a series of proposals with the primary objective of filling vaccine gaps in many developing countries. It is a matter of helping “to master the pandemic significantly everywhere for the benefit of all”, says georgieva. Thus, the fmi emphasizes the need to provide additional subsidies to the international covax system, through donations of excess doses and to ensure free cross-border flows of raw materials and vaccine doses.

The proposal of the fmi would cost some $50 billion by combining grants (at least 35 billion,) national government resources and other funding, detailed the institution.