For a Few Thousands of Billions of Dollars…

International Monetary Fund (IMF) Managing Director Kristalina Georgieva (L) and World Bank President David Malpass attend a press conference in Washington D.C., the United States, on March 4, 2020. (Photo: Xinhua)

For non-economists, there are numbers that make you wonder how they are calculated and what they actually are worth. For instance, according to a recent news item by the Xinhua News Agency, the International Monetary Fund (IMF) experts have estimated that rolling out the vaccination program faster would put $9,000 billion into the world economy by 2025 due to a faster recovery in economic activity.

More specifically, 60 percent of this windfall would stimulate the emerging markets, the remainder the advanced economies.  This figure that speaks for itself calls for a worldwide acceleration of the immunization as the pandemic is rebounding, especially on the Asian continent.

Experts have pointed out that the pandemic has reappeared especially in countries that had managed it in its early stages and had therefore dispensed with implementing a vaccination campaign. We must therefore conclude that the efforts of those regarding vaccination can be jeopardized at any time by those who are behind, especially because they lack the resources.    

In this regard, the World Bank and IMF a few days ago have asked the wealthy countries to make an effort for vaccination in developing countries. Countries that expect a surplus of vaccines in the coming months are called upon by the World Bank and the IMF to let their vaccines and surplus stocks go to developing countries as soon as possible. 

Pointing out that the pandemic will only end when everyone will have access to vaccines, the heads of these two financial institutions have therefore partnered with all those who, for weeks, have been advocating for a worldwide equitable vaccination policy.       

Going as fast as possible everywhere in a concerted effort with smart planning seems an appropriate response that everyone agrees with in words. As for putting this into action, this is a different matter.   

I don’t know whether the argument of the infusion of an additional $9,000 billion into the world’s economy due to the acceleration of immunization will manage to convince those who must be. 

But what we know here as in all countries with low revenues and lacking efficient systems of social protection is that each additional day of this unending pandemic puts thousands of people in a devastating economic situation. For them, $9,000 billion or zero dollar is the same thing. But it was nice to have thought of making the calculation.       

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