The International community should invest $50 billion to accelerate the end of the COVID-19 pandemic, leaders of the International Monetary Fund (IMF), the World Bank, the World Health Organization (WHO) and the World Trade Organization (WTO) said in a joint statement on Tuesday.
“At an estimated $50 billion, it will bring the pandemic to an end faster in the developing world, reduce infections and loss of lives, accelerate the economic recovery, and generate some $9 trillion in additional global output by 2025,” the statement read.
The statement warned that there will be no broad-based recovery without an end to the health crisis and urged governments to act immediately to avoid further risks of continued waves and explosive outbreaks of COVID-19.
“To urgently get more shots in arms, doses need to be donated immediately to developing countries synchronized with national vaccine deployment plans, including through COVAX,” the statement, signed by leaders of four organizations, said.
They also called on trade cooperation to ensure free cross-border flow of goods to facilitate the movement of raw materials and finished vaccines.
National authorities have to act on the investment opportunity to boost supplies of vaccines, oxygen, tests and treatment, they added.