IMF and World Bank tell G7 to turn the surplus of COVID 19 vaccines to developing countries
In order to help other nations in need for vaccines against the novel Coronavirus, International Monetary Fund (IMF) and The World Bank reach out to the ‘Group of Seven’ pioneering countries to amp up the production of the vaccines so that they could be provided to developing countries.
The proposal made by the organisations was accompanied with funds amounting to $50 billion. IMF MD- Kristalina Georgieva and World Bank President David Malpass took forward the request.
“As of mid-September, 43 countries were benefiting from an estimated $5 billion in debt-service suspension from official bilateral creditors, complementing the scaled-up emergency financing provided by the World Bank and IMF.” said Malpass in his speech titled ‘Reversing the Inequality Pandemic’ at Frankfurt School of Finance and Management.