New $ 50 billion health, trade and finance roadmap to end pandemic and ensure global recovery

• Leaders of the International Monetary Fund (IMT), the World Bank Group (WB), the World Health Organization (WHO) and the World Trade Organization (WTO) have issued an extraordinary call to fund actions by government leaders to speed up the end of the COVID-19 pandemic.
• The directors of the IMF, World Bank, World Health Organization and World Trade Organization call for a $ 50 billion investment to generate $ 9 trillion in global economic returns by 2025 and increase production capacity, supply, trade flows and fair distribution of diagnostics, oxygen, treatment, medical equipment and vaccines.
• The call for action by this four-party group comes at a dangerous point of the pandemic, and as the historic World Health Assembly concludes, G7 meetings begin and follow the G20 Global Health Summit.
• Doses should be donated immediately to developing countries, in sync with national vaccine deployment plans, including COVAX, which, along with a key partner in delivery to UNICEF, is led by CEPI, Gavi and WHO.

Leaders of the world’s largest funding, health and trade agencies have united to call on government leaders to urgently fund a new $ 50 billion roadmap to speed up the equitable distribution of health tools to help end an 18-month pandemic that has destroyed lives . and also laid the foundations for a truly global recovery as well as increased health security.

In a statement published by newspapers around the world, leaders of the International Monetary Fund, the World Bank Group, the World Health Organization and the World Trade Organization [Kristalina Georgieva, Tedros Adhanom Ghebreyesus,
David Malpass and Ngozi Okonjo-Iweala] it was said that governments must act without further delay or risk the ongoing waves and explosive epidemics of COVID-19, as well as multiple transmissible and deadly versions of the virus that undermine global recovery.

The leaders of the four agencies said: “So far, it has become quite clear that there will be no broad recovery without an end to the health crisis. Access to vaccination is crucial for both. “

The joint statement is based on a recent analysis by IMF staff, which stated that $ 50 billion is needed to increase production capacity, supply, trade flows and delivery, which would accelerate the impartial distribution of diagnostics, oxygen, treatment, medical equipment and vaccines. This injection would also give a big boost to economic growth around the world.

“With an estimated $ 50 billion, it will more quickly stop a pandemic in developing countries, reduce infections and loss of life, accelerate economic recovery and generate an additional $ 9 trillion in additional global production by 2025,” management said.

It resonates with economic analysis International Chamber of Commerce; and Eurasia Group – both make an argument for relatively modest government investment compared to the billions spent on national stimulus plans and the trillions lost in a missed economic outcome. But the crucial element is that it effectively encourages global vaccination and bridges the capital gap.

“Increasing our ambition and faster vaccination of more people: The WHO and its COVAX partners have set a goal of vaccinating approximately 30% of the population in all countries by the end of 2021,” the four leaders said. “But it can reach as much as 40% through other agreements and over-investment, and at least 60 percent by the first half of 2022.”

Governments are urged to act according to the investment opportunity to increase stocks of vaccines, oxygen, tests and treatment. IMF, WBG, WHO and WTO leaders issued a joint statement as the World Health Assembly drew conclusions and was due to begin a round of G7 meetings, which began with the convening of finance ministers later this week following the EU-Italy Global Health Summit. , which chairs the G20.

“In order to get more gunshots urgently, doses should be donated immediately to developing countries synchronized with national vaccine deployment plans, including COVAX,” the four leaders said. “Trade cooperation is also needed to ensure free cross-border flows and increase the supply of raw materials and finished vaccines.”

Leaders of the IMF, WBG, WHO and WTO are scheduled to attend a joint press conference on Tuesday, June 1, to present a new joint plan to end the pandemic and foster a truly global and rapid recovery.

Editor’s notes:

press conference

Journalists are invited to a special press conference, which will be joined today by the heads of four agencies, June 1 at 17:00 CEST Geneva time.