A new report from the Rockefeller Foundation provides a multilateral financing roadmap for ending the COVID-19 pandemic and ensuring an equitable global recovery.
The report, An Action Plan for Financing Global Vaccination and Sustainable Growth (22 pages, PDF), outlines three steps the global community can take to contain the pandemic by the end of 2022: issue, reallocate, and leverage special drawing rights (SDRs) by the International Monetary Fund to ensure equitable global access to vaccines; unleash the full lending power of the World Bank and other multilateral development banks in support of a climate-friendly and equitable recovery; and mobilize private capital at scale through new investment vehicles.
To that end, the report calls for the IMF to leverage $44 billion in SDRs to secure the vaccines needed to achieve a 70 percent vaccination rate in low- and middle-income countries (LMICs) as part of a broader SDR issuance of $650 billion and reallocate at least $100 billion in wealthy country SDRs to further support pandemic response and recovery in LMICs. The report further argues that private-sector investments that are already available and/or can be brought to market this year should support interventions aimed at addressing immediate needs.
"Every country and its citizens will continue to be threatened by COVID-19 until all countries achieve a high level of vaccination," the report notes. "If the virus is allowed to spread in some countries with low vaccination rates, it is likelier to mutate and generate variants, thus bypassing the inoculation in highly vaccinated countries."
"At a moment when countries are facing populism and vaccine nationalism," said Rockefeller Foundation president Rajiv J. Shah, "this plan provides initial proposals on financing options to end the pandemic in twenty months and requires minimal additional dollars from individual nations."
(Photo credit: World Bank)