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IMF proposes $50 billion plan to end COVID-19 pandemic

IMF plan to end pandemic

The International Monetary Fund (IMF) has launched a new $50 billion plan to put an end to the Coronavirus pandemic by vaccinating at least 40% of the world’s population by the end of 2021.

The Director-General of the International Monetary Fund, Kristalina Georgieva, explained that the proposal sets goals and estimates for funding needs and a pragmatic move as well.

The plan, which looks to a sustainable and long-term global economic recovery, aims to vaccinate at least 60 percent of the world’s population by the end of 2022.

Plan to end the pandemic

The authors of the report indicated that it is now known that there will be no real end to the economic crisis unless the health crisis ends.

They emphasized that it is in the interest of all countries to put a decisive end to the pandemic.

“For some time we have been warning of dangerous divergence of economic fortunes,” said Georgieva.

“It will only worsen as the gap widens between wealthy countries that have access to vaccines and poor countries that do not.”

In late April, less than 2 percent of the African population was vaccinated, while more than 40 percent of the United States and more than 20 percent of the European population received at least one dose of COVID-19 vaccines, according to the IMF.

The Fund prioritizes closing the vaccination gap and putting the world back on the path of growth.

Georgieva also stressed that the goal is to help tangibly control the pandemic everywhere for the benefit of everyone.

In order to achieve this, the IMF stressed the need to increase contributions to the international Kovacs mechanism, which was established in an attempt to prevent rich countries from accumulating vaccines, knowing that it appears to be ineffective so far.

Meanwhile, contributions can be represented by donating excess doses and ensuring the flow of raw materials and vaccines across borders.

IMF also reported that the estimated $50 billion includes a combination of contributions of at least $35 billion in addition to resources from governments and other forms of financing.

The International Monetary Fund is a specialized agency of the Bretton Woods system of the United Nations, according to which an international treaty was concluded in 1944 to work to enhance the health of the global economy.

The fund is also headquartered in Washington, DC, and is managed by its 189 member countries, who include nearly every country in the world.

Keep reading: IMF Study Says The Pandemic Affected Mothers Of Young Children The Most

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