Statement of G-20 Organization on COVID Vaccine
Recently, the G-20 has warned that the lack of a COVID vaccine could threaten the process of global economic recovery.
In a final statement issued in Venice, the finance ministers of the G-20 countries have expressed concern over the threat posed to the global economic recovery by new variants of the corona virus and vaccinations being released at varying speeds around the world.
However, almost all countries have issued economic aid packages (fiscal and monetary policy support) or have made efforts to vaccinate their citizens. Despite this, a wide gap exists between the actual restoration and vaccination levels.
Low vaccination rates mean that poor countries are at higher risk of exposure to the virus and its variants.
Key findings of the G-20 Finance Ministers’ Conference and the G-20 Global Health Summit:
- The Rome Declaration (18-point commitment) has been adopted to improve pandemic preparedness, increase local manufacturing capacity and invest in worldwide health systems.
- Committed to support for ‘equitable global sharing’ of vaccines and use of all possible means to combat COVID-
- An amount of $50 billion has been recommended by the International Monetary Fund (IMF), the World Bank, the World Health Organization (WHO) and the World Trade Organization (WTO) for funding new vaccines.
- Europe (mainly France, Italy and Germany) has committed to share 100 million doses of the vaccine with low and middle income countries (LMICs) by the end of the year.
Source – The Hindu