IMF proposes $50 billion to end coronavirus pandemic

The IMF on Friday proposed a $50 billion plan to end the COVID-19 pandemic. Aiming to expand global immunization drives. Meanwhile, 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 borders to all vaccinated travelers next month.  They offered hope that Europe’s tourism season will rebound after last year’s battering.

But in Latin America, the coronavirus continued to wreak havoc. As the continent’s death toll climbed toward the grim one million milestones.

And the World Health Organization (WHO) said the real number of dead from the pandemic could be two to three times higher than official statistics suggest.

In Washington, the International Monetary Fund proposed a $50 billion recovery plan. They aim to have at least 60% of the world’s population vaccinated by the end of 2022.

Also, read Canada bans flights from Pakistan and India.

The amount pales in comparison to the massive stimulus rolled out by rich nations. Including the latest $1.9 trillion US package.

“One of the key messages of this proposal is that the amount that’s needed is not very big,” said IMF chief economist Gita Gopinath.

In Rome, the Global Health Summit — part of the G20 talks — saw the leading COVID vaccine makers Pfizer, Moderna, and Johnson & Johnson promise 3.5 billion doses at cost or discount to middle and low-income countries this year and next.

Germany chipped in later Friday, donating 30 million doses to poorer countries this year.

Doing so, IMF officials say, would inject the equivalent of $9 trillion into the global economy by 2025 due to a faster resumption of economic activity, with rich countries potentially benefitting the most.