As worldwide COVID cases peak, IMF chief Kristalina Georgieva unveiled a $50 billion proposal to support vaccinations of 60% of the world's population. During a G20 and European Commission summit, Georgieva argued the global vaccine investment would end the pandemic and spur $9 trillion in economic gains by 2025.
"Economic forecasts for most countries are grim,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA. “Unless we can get most of the global population vaccinated quickly, most countries will be worse off in coming years and all countries are likely to face economic shocks.”
The IMF says their vaccine plan could be funded through public and private donations and cheap loans.
In April, the IMF and G20 supported the creation of $650 billion in global reserve funds, known as Special Drawing Rights. Up to $400 billion of these pandemic crisis response funds could be donated to support additional needs of developing countries.
“Rich countries can donate their new reserve funds or Special Drawing Rights to support vaccine distribution in developing countries,” shared LeCompte. "It's critical that wealthy countries act now and support global vaccinations. If we don't act, more lives will be lost and the global economy will suffer."
Read the IMF proposal here.