IMF’s new reserves could finance vaccines in poorer countries: Rockefeller | Business and Economy News

The G-20 is expected to spend 6 650 billion on new IMF allocations this week to help countries tackle the COVID epidemic.

Measures to strengthen the International Monetary Fund’s (IMF) emergency reserves could provide the ড 44 billion needed to vaccinate 70 percent of the population in lower-middle-income countries by 2022, according to the Rockefeller Foundation’s new report on Tuesday.

Finance officials from a group of the top 20 economies are hoping this week that the IMF’s new $ 650 billion Special Drawing Rights (SDR) allocation will help countries deal with the epidemic and its economic impact.

The SDR is a complementary foreign exchange reserve for the IMF emergency adoption. Balanced countries can exchange their SDRs with other IMF member countries for commonly traded currencies to meet short-term demand.

According to the IMF and other experts, vaccination rates and economic development are expanding worldwide

The Rockefeller report said rich countries could reconsider their new SDRs so they could quickly close the funding gap and arrange for more people to be vaccinated around the world, which could prevent a virus transition that could halt global economic recovery.

Africa’s demand

According to a new study by the World Bank and IMF, about সি 12 billion would be needed for the COVID-19 vaccine in Africa alone, which the World Bank estimates can achieve adequate inoculation to prevent viral infections.

The study, released on Monday, cited the need for developing countries’ continued high liquidity and the ability to sustain their sustainability, and argued for an increase in the number of debt suspension groups to 20 by the end of the year.

The World Bank estimates that approximately 12 12 billion will be needed for the COVID-19 vaccine to achieve adequate inoculation to prevent virus transmission in Africa. [File: Ebrahim Hamid/AFP]

However, it said additional funding was needed, noting that the amount of money needed in Africa had already fallen short of the total amount of government debt service provided by the 45 poorest countries participating in the GET Suspension Initiative (DSSI).

The Rockefeller report noted that high and upper-middle-income countries accounted for 86% of the COVID-19 shots operated worldwide at the end of March. It says at least িয়ন 100 billion should be rehabilitated to spend money on the minimum vaccinations and other measures needed to help low- and middle-income countries in the ACRs of developed economies.

Donor countries may pledge IMF low-income countries to provide new SDRs to the IMF’s Poverty Reduction and Growth Trusts, but may provide them to 11 of the 16 authorized entities, including the World Bank, which may expand them through lower-level institutions or interest rates.

The report said the use of redistributed SDRs for those institutions would be particularly costly in issuing bonds specified for epidemic response and vaccination campaigns.

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