Organizations call for $50B roadmap to end, recover from pandemic

The leaders of the international organizations for financing, health, and trade are urging government leaders to finance a new $50 billion roadmap to help end the pandemic and spur global economic recovery.

Leaders of the International Monetary Fund, World Bank Group, World Health Organization, and World Trade Organization (Kristalina Georgieva, Tedros Adhanom Ghebreyesus, David Malpass, and Ngozi Okonjo-Iweala, respectively) are asking heads of governments to fund their plan to accelerate the equitable distribution of health tools that will help end the pandemic, as well as set the foundation for a global recovery.

In a statement published by newspapers worldwide, the group said governments must act without further delay or risk continued waves and outbreaks of COVID-19, as well as more transmissible and deadly virus variants.

“By now, it has become abundantly clear there will be no broad-based recovery without an end to the health crisis. Access to vaccination is key to both,” the group said in its statement.

The statement comes after a recent IMF staff analysis that found the investment is needed to increase manufacturing capacity, supply, trade flows, and delivery, accelerating the equitable distribution of diagnostics, oxygen, treatments, medical supplies, and vaccines. The investment would also boost economic growth globally, the analysis found.

“At an estimated US$50 billion, it will bring the pandemic to an end faster in the developing world, reduce infections and loss of lives, accelerate the economic recovery, and generate some US$9 trillion in additional global output by 2025,” said the leadership.

Economic analysis by the International Chamber of Commerce and the Eurasia Group found the same.

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