- The IMF is calling for at least 40% of the global population to be vaccinated by the end of the year.
- Only about 9.5% of the global population has received at least one dose, according to Our World in Data.
- The Washington-based institution said in April that the global economy is expected to grow by 6% this year.
A health worker administers the Pfizer-BioNTech Covid-19 vaccine to a senior citizen at the Senja-Cashew Community Centre Vaccination Centre, operated by Thomson Medical, in Singapore, on Monday, March 8, 2021. Singapore is introducing a program called Connect@Changi that will allow people to enter the island for business and official purposes without having to quarantine, provided they stay in a bubble-like facility near Changi Airport for the duration of their visit. Photographer: Wei Leng Tay/Bloomberg via Getty ImagesBloomberg | Bloomberg | Getty Images
LONDON — The International Monetary Fund wants $50 billion to be spent on ensuring a faster rollout of coronavirus vaccines, saying it could ultimately generate returns of $9 trillion for the global economy.
The IMF on Friday called for at least 40% of the global population to be vaccinated by the end of the year, and at least 60% by June 2022. Only about 9.5% of the global population has received at least one dose, according to Our World in Data.
"No country can return to normalcy until all countries can defeat the pandemic," the IMF said in a new report entitled "A proposal to end the Covid-19 pandemic."
To achieve this, the Fund said there needs to be a global effort to invest another $50 billion to bolster the global vaccination program. This additional amount would be used to increase the COVAX vaccine coverage to 30% of the globe, procuring additional tests, and expanding vaccine production capacity. COVAX is an international partnership to ensure an equitable distribution of doses.
The IMF suggested that at least $35 billion could come from public, private and multilateral donors, with the remainder coming from governments, potentially supported by multilateral agencies.
It said there is already at least $15 billion available from Covid-19 financing facilities created by development banks, such as the World Bank and the Asian Development Bank.
"The IMF can also play its role to help countries meet their financing needs — supporting countries' own efforts to create fiscal space and potentially acting as a third-resort line of finance," the report said.