Experts from the International Monetary Fund (IMF) proposed a plan that would speed up the vaccination process, especially in developing countries with much lower access to COVID drugs. According to IMF Managing Director Kristalina Georgieva, World Health Organization (WHO) Director General Tedros Adhanom Ghebreyesus, World Bank Group President David Malpass and World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala, the approach would end pandemics in the developing world faster, reduce morbidity and mortality, boost economic recovery and boost global output by $9 trillion by 2025.
“There are strong indications that at least $35 billion of the $50 billion should come in grants. A positive signal has been received from G20 governments, who have recognized the importance of providing the ACT Initiative with about $22 billion in additional funding. Additional funding of $13 billion is needed to boost vaccine supplies during 2022 and further expand testing, treatment and surveillance. The balance of the overall funding plan – about $15 billion – could come from national governments with support from multilateral development banks, including the World Bank’s allocation for
Today, the global COVAX mechanism works to ensure equitable distribution of COVID drugs around the world. It was initiated by the European Union and supported by the WHO. Organizations such as the Coalition for Innovation in Epidemic Preparedness (CEPI) and the Global Alliance for Vaccines and Immunization (Gavi) are working on this mechanism. The main recipients of vaccines are developing countries. The WHO explained to Izvestia that 92 low- and middle-income countries are eligible for access to drugs through this mechanism.
According to Gavi, 77 million doses have been received by 127 program participants under COVAX.