On Tuesday, in a new staff paper, the International Monetary Fund asked the countries around the world to provide $15 billion in grants this year and $10 billion a year thereafter to manage the long-term risks of COVID-19.
The paper, which was co-authored by the Coalition for Epidemic Preparedness Innovations (CEPI), the Global Fund, and the charitable organisation Wellcome, stated that a new, more comprehensive approach was required right away to strengthen global health systems and limit the pandemic’s already staggering $13.8 trillion costs.
IMF First Deputy Managing Director Gita Gopinath said in a statement, “It is now clear that COVID-19 is likely to be with us for the long-term. Given the many possible scenarios for the evolution of COVID-19 and given the limited resources countries have, we need a new strategy. The cost of inaction-for all of us- is very high. We need to act now”.
She further added that the countries need to have a more comprehensive approach to fight the pandemic with kit including vaccines, tests, treatments and bolstering the resilience of the health system so that there can be a better position to tackle both the COVID-19 and other deadly diseases in a sustainable and effective way.