International Monetary Fund (IMF) Managing Director, Kristalina Georgieva
International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, says urgent action is needed to accelerate vaccinations to cover at least 60 per cent of population in every country by 2022.
Georgieva said this at the closing of the meeting of the G20 Finance Ministers and Central Bank Governors on Saturday in Venice, Italy.
In a statement posted on the IMF website, Georgieva said urgent action is needed to vaccinate at least 40 per cent of the population in every country by the end of 2021 and 60 per cent by the middle of 2022.
According to her, the World Bank, the World Health Organisation (WHO), World Trade Organisation (WTO) and IMF, in close collaboration with ACT-A, has formed a task force – a ‘war room’, to help achieve this goal, saying, “I very much welcome the G20 support to prioritise acceleration of the delivery of vaccines, diagnostics and therapeutics.
“By providing faster access to vaccines to high-risk populations, more than half a million lives could be saved this year.
“And a normal return to activity everywhere could add US$ 9 trillion to the global economy through 2025.
According to her, the global economy recovery continues, broadly in line with IMF’s April projection of 6 per cent global growth in 2021.
The IMF managing director said implementing sound macroeconomic policies could continue to play a pivotal role in securing the global recovery, in addition to accelerating vaccinations.
She said fiscal policy should provide well-designed support, tailored to country circumstances, to protect the most vulnerable and minimise scarring.
According to her, the IMF’s new SDR allocation of US$650 billion will increase countries’ reserves, create additional space for vaccine financing, and boost confidence in the recovery.
Georgieva, therefore, appreciated support for these measures expressed by the G20 at its meeting and the support for efforts to help countries facing unsustainable debt burdens.
She also recognised the G20’s support for the historic agreement on a minimum corporate tax rate.