ABSTRACT

Vaccine Financing: How a Redesigned IMF Instrument Can Provide a Shot in the Arm for the Global Pandemic Response   [open pdf - 348KB]

From the Document: "'COVID-19 [coronavirus disease 2019] vaccine production lags far behind demand, especially from developing countries'. Low- and middle-income countries (not counting China and India)--some 3.6 billion people--will not have full access to vaccine until beyond 2022, leading to tragic loss of life, a delayed global economic recovery, and increased risk of new variants extending the worldwide pandemic. This outcome represents a major failure of international cooperation. It results from an inadequate advance ramp-up in global production, and inadequate initial financing. The IMF [International Monetary Fund] can play its part in addressing these two shortcomings by urgent redesign of its main rapid response instrument to be even more effective than it was in 2020. For the still urgent needs of this pandemic--and for the future--it could provide immediate financing to bolster initiatives, including along the lines of COVAX [COVID-19 Vaccines Global Access], that empower developing countries with greater collective clout to negotiate the required increase in production."

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2021-04
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Center for Global Development. Posted here with permission. Document is under a Creative Commons license and requires proper attribution and noncommercial use to be shared: [https://creativecommons.org/licenses/by-nc-sa/4.0].
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Center for Global Development: https://www.cgdev.org/
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