IMF Proposes USD 50 Billion Global Vaccination Plan

The IMF (International Monetary Fund) proposed a USD 50 billion global vaccination plan which will cover about 40 percent of global population by the end of 2021. It also seeks to cover at least 60 percent of the population by first half of 2022.

Key Points

This plan was proposed on the line of work of the World Health Organisation (WHO), World Bank, Gavi and African Union. IMF have proposed targets, and has estimated the financing requirements. It has laid down the three broad elements under its action plan:

1. As a first element, it has planned to vaccinate at least 40 percent of global population by end of 2021 and at least 60 percent by first half of 2022. In order to complete the target, IMF put forward additional grants to COVAX apart from donation of surplus doses and free cross-border flow of raw materials & finished vaccines.
2. As a second element, it lists to ensure against downside risks such as new variants which may require booster shots. For that matter, it proposes to invest in additional vaccine production of one billion doses and scaling up of genomic surveillance. It also plans for supply-chain surveillance and contingency plans in a bid to handle virus mutations or supply shocks.
3. Management of interim period in which vaccine supply is limited along with widespread testing & tracing, therapeutic and public health measures is the third element of the plan.

How the plan will be funded?

IMF has estimated that, this plan will cost around USD 50 billion apart from combination of grants, national government resources and other concessional financing. IMF estimates to get a grant financing of about USD 35 billion. G20 members will also help in addressing the USD 22 billion grant funding gap.

What is COVAX?

COVAX stands for COVID-19 Vaccines Global Access. It is a worldwide initiative which was launched with the aim of equitable access to COVID-19 vaccines. It is directed by Vaccine Alliance, GAVI; Coalition for Epidemic Preparedness Innovations and World Health Organization. It is a pillar of Access to COVID-19 Tools Accelerator initiative. COVAX initiative helps in enabling the low-to-middle-income countries to get equitable access to COVID-19 tests, therapies, and vaccines.

Month: Current Affairs - May, 2021