IMF pushes G20 states to back $50bn global mass vaccination drive

Backing IMF's $50bn three-point plan is in wealthy nations best interests by supercharging world economy, says Kristalina Georgieva

Wealthy nation backing for a $50bn (35bn) mass global vaccination drive could provide a $9tn boost to the world economy, the head of the International Monetary Fund has said.

Putting pressure on the G7 countries ahead of their summit in Cornwall, England, next month, Kristalina Georgieva said richer nations would see the best return on investment in modern times if they dug deeper to help tackle the pandemic in poorer parts of the world.

Vaccinating at least 40% of the global population by the end of this year and at least 60% by the first half of 2022. To do so would require extra grants to Covax, the global vaccine initiative, donating surplus doses, and free cross-border flows of raw materials and finished vaccines

Preparing for the possibility that new variants of the virus will require booster shots will demand investment in extra vaccine production capacity by 1bn doses

Managing the interim period where vaccine supply is limited with widespread testing and tracing, therapeutic and public health measures, and, at the same time, ramping up preparations for vaccine deployment together with any approved dose-stretching strategies.