To tackle the worldwide coronavirus epidemic, the International Monetary Fund (IMF) has created a major vaccination plan, saying that by the middle of next year, around 50 billion dollars may be needed to vaccinate all eligible people worldwide. The IMF has proposed an investment program that could generate a global economic benefit of around $ 9 trillion.
The detailed plan, prepared by IMF chief economist Gita Gopinath and her colleague Ruchir Agarwal, aims to have 40 percent of all countries vaccinated by 2021 and the remaining 60 percent vaccinated by the first half of 2022.
According to the IMF, "There should be no justification needed to save lives and livelihoods. But with the rapid end of the epidemic, increasing economic activity could add up to 9 trillion to the global economy by 2025."
It has been said in the proposal that this may be the highest-paying public investment ever. And the time period to get these benefits is not much and action is needed now. The total cost of this proposal of about $ 50 billion will include grants, government resources and concessional financing.
According to the IMF "there is a strong base for funding of at least $ 35 billion. The good news is that G20 governments have already formulated plans to address the grant funding gap of around $ 22 billion. Additional 13 billion dollar grant requirement. "
The IMF continued, "The remaining approximately $ 15 billion of total financing may come from national governments, potentially supported by the COVID-19 financing facility created by multilateral development banks."
Kovacs' grant is mentioned in the proposal's suggestions. A $ 4 billion grant in Kovacs' global initiative will help developing countries obtain vaccines. According to the IMF, this will help in finalizing the order and activating the unused vaccine capacity.
Significantly, more than 3.4 million people worldwide have lost their lives due to the corona virus epidemic and the world's largest vaccine-producing countries like India are struggling to vaccinate a large part of their population.
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