Global Institutions Close Ranks Behind IMF $50 Billion Vaccine Plan

international | economics and finance | press release Tuesday June 01, 2021 18:38 by Olivia Engling - Jubilee USA

Heads of the primary global financial, trade and health institutions urged government leaders to finance a $50 billion vaccine plan to end the pandemic. “A two-track pandemic is developing, with richer countries having access and poorer ones being left behind,” shared IMF Managing Director Kristalina Georgieva, World Bank President David Malpass, World Health Organization Director General Tedros Adhanom Ghebreyesus and World Trade Organization Director General Nkozi Okonjo-Iweala in a joint statement.

Heads of the primary global financial, trade and health institutions urged government leaders to finance a $50 billion vaccine plan to end the pandemic. “A two-track pandemic is developing, with richer countries having access and poorer ones being left behind,” shared IMF Managing Director Kristalina Georgieva, World Bank President David Malpass, World Health Organization Director General Tedros Adhanom Ghebreyesus and World Trade Organization Director General Nkozi Okonjo-Iweala in a joint statement.

“Since the IMF released its vaccine plan at the G20 Health Summit 10 days ago, voices are growing to ensure universal vaccine access,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “With what's at stake for everyone's health and the global economy, it's critical that we act quickly and invest more towards global vaccine access."

The IMF argues that the global vaccine investment would spur $9 trillion in economic gains by 2025. The proposal requires the mobilization of public and private donations and cheap loans. The leaders also called for surplus vaccines to be donated to developing countries.