May, 21 2021, 12:00am EDT
IMF Proposes $50 Billion Vaccine Plan to End Pandemic and Boost Economy
WASHINGTON
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.
Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.
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The Wall Street Journalreported Thursday that members of Trump's transition team and the new Elon Musk-led Department of Government Efficiency have asked nominees under consideration to head the FDIC and OCC if the bank watchdogs could be eliminated and have their functions absorbed by the Treasury Department, which is set to be run by a billionaire hedge fund manager and crypto enthusiast.
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