The International Monetary Fund (IMF) said in its report on Tuesday that the international community should allocate USD 15 billion in grants this year and USD 10 billion annually after that to ensure a strong comprehensive response to the global COVID-19 pandemic.
"The international community should recognize that its pandemic financing addresses a systemic risk to the global economy, not just the development need of a particular country. Accordingly, it should allocate additional funding to fight pandemics and strengthen health systems both domestically and overseas. This will require about USD 15 billion in grants this year and USD 10 billion annually after that," the report said.
The USD 15 billion in grants will allow the international community to continue its fight against the novel coronavirus in line with the World Health Organization's program, known as the Access to COVID-19 Tools (ACT) Accelerator, which includes tools to stop the acute phase of the pandemic.
The IMF also said $10 billion per year should be spent to ensure pandemic preparedness and strengthen the response system.
"There is a strong case for these funds to be made available as grant financing - given that ending the pandemic in a timely manner remains a global public good - and to ensure that developing economies can undertake necessary measures without being saddled with large debt burdens," the report said.
The IMF called on the international community to adopt a unified approach to reducing the global risks posed by infectious diseases.
"Despite the strong consensus that ending the acute phase of the pandemic is an urgent global priority, there has been insufficient progress toward the global targets set by the ACT Accelerator (ACT-A) and the IMF Pandemic Proposal for the delivery and use of available countermeasures," the report said.
More than 100 countries are unlikely to meet the target of vaccinating 70% of their populations, while 86 states were unable to immunize 40 per cent of their populations in 2021, the report added.
The IMF also said there is a significant disparity in access to vaccines access and high-income countries are testing 80 times more than low-income countries, according to the report. (ANI/Sputnik)
( With inputs from ANI )
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