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The World Bank and The IMF (international monetary fund)

IMF, World Bank focus on accessing vaccines to poor countries to overcome the pandemic

After providing tremendous support to countries badly impacted by covid-19 last year, the IMF and the World Bank have now come forward to secure vaccines for poor countries to ensure that the pandemic does not decelerate the recovery of the global economy.

The IMF and the World Bank have brought forth a $50 billion joint effort to expand the vaccine access, especially for those countries, which have struggled to receive the essential vaccines.

Managing Director of the IMF, Kristalina Georgieva will present a proposal on Friday, which was introduced last month to the finance ministers from the G7 wealthiest nations during a meeting held at London.
The World Bank and the IMF had already warned that the pandemic will create major roadblocks in the development of poor countries. The two bodies had stated that this situation may lead to increased inequality and the growth of poverty.

The Washington-based lenders are now warning that if there is inequality in the access of vaccines, then the pandemic will last longer, causing more harm to lives and health.

Georgieva warned that low-income countries have not received even one percent of the doses administered till date. This has created a dangerous divergence in economic fortunes. Accordingly, it will take a long period of time for some countries to regain their positions as they were before the pandemic.
However, the IMF and the World Bank have stepped in to support its poorest and most vulnerable members. The IMF has lent around $110 billion to 84 countries since the beginning of the pandemic. Similarly, the World Bank has provided aid of $108 billion in more than 100 countries during the pandemic.