IMF proposes $50b plan to end Covid pandemic

The IMF yesterday proposed a $50 billion plan to end the Covid-19 pandemic, aiming to expand immunisation drives around the world, while vaccine firms pledged to supply billions of doses to poorer nations by the end of next year.  

The pledges came as Spain said it would open its border to all vaccinated travellers next month, offering hope that Europe's tourism season could bounce back after suffering a battering last year.

In Washington, the International Monetary Fund announced a $50 billion recovery plan to end the pandemic which aims to have at least 60 percent of the world's population vaccinated by the end of 2022.

"Our proposal sets targets, estimates financing requirements, and lays out pragmatic action," IMF head Kristalina Georgieva said at the Global Health Summit held in Rome as part of the G20.

The summit also saw the heads of three leading Covid vaccine makers, Pfizer, Moderna and Johnson & Johnson, promise around 3.5 billion vaccine doses at cost or discount to middle and low income countries this year and next.

Pfizer will deliver two billion doses, Moderna up to 995 million doses, and Johnson & Johnson up to 500 million doses, representatives of the three pharmaceutical companies said.

Earlier, the EU pledged to donate 100 million vaccine doses to poorer countries.

Vaccines are offering countries hope that they can finally emerge from the pandemic that has ravaged the global economy and killed more than 3.4 million people since it first emerged at the end of 2019.