COVID-19 Update: IMF activates $50b plan to end pandemic

25 May COVID-19 Update: IMF activates $50b plan to end pandemic

The International Monetary Fund (IMF) plans a $50 billion fund to end the COVID-19 pandemic. In a ‘Proposal to End the COVID-19 Pandemic’, IMF Managing Director Kristalina Georgieva emphasised the need to arrest rising human toll and economic strain from the pandemic.

The plan proposes vaccination for, at least, 40 per cent of the population in all countries by the end of this year and at least, 60 per cent by the first half of 2022.

Also, the Director-General of the World Trade Organisation (WTO) Dr. Ngozi Okonjo-Iweala pushed for equity distribution of COVID-19 vaccines across the globe. The IMF proposal will include grants, national government resources and concessional financing.

Georgieva said: “There is a strong case for grant financing of, at least, $35 billion. The good news is G20 governments have already identified as important to address the $22 billion grant funding gap noted by the Access to COVID-19 Tools (ACT) Accelerator. This leaves an estimated $13 billion in additional grant contributions needed.

“The remainder of the overall financing plan—around $15 billion – could come from national governments, potentially supported by COVID-19 financing facilities created by multilateral development banks.”

* Nigeria caseload: Nigeria recorded 42 new infections and zero deaths on Monday, raising the total of confirmed cases to 166,061, with 156,492 discharged; and 2,067 deaths

The 42 new cases were reported in Lagos-14, Gombe-11, Ebonyi-5, Kano-5, FCT-4, Edo-1, Kaduna-1, Rivers-1.

* India on Tuesday posted 196,427 new coronavirus cases over the last 24 hours, its lowest daily rise in infections since April 14, while deaths rose by 3,511. The total of confirmed cases is now 26.95 million, while total fatalities are at 307,231, the third highest in the world.