Daily Management Review

G20 Pledges To Work For Affordable And Equitable Distribution Of Covid-19 Vaccine


G20 Pledges To Work For Affordable And Equitable Distribution Of Covid-19 Vaccine
The worries that the novel coronavirus pandemic could further widen the gap between the rich and poor w3as reflected in the joint declaration of the leaders of the 20 biggest economies of the world in which they said that no effort would be spared for supplying Covid-19 vaccines to “all people” in a fair and affordable manner.
The two-day summit of the G20 countries under the chairmanship of Saudi Arabia majorly discussed the coronavirus pandemic and the possibility of an uneven and uncertain global economic recovery.
“The COVID-19 pandemic and its unprecedented impact in terms of lives lost, livelihoods and economies affected, is an unparalleled shock that has revealed vulnerabilities in our preparedness and response and underscored our common challenges,” the final communique of the G20 said.
The statement further said that the G20 countries will work to “protect lives, provide support with a special focus on the most vulnerable, and put our economies back on a path to restoring growth, and protecting and creating jobs for all.”
“We will spare no effort to ensure their affordable and equitable access for all people,” the leaders of the 20 richest countries of the world said in relation to vaccines, tests and treatments.
The pandemic and the restrictive and lockdown measures taken by governments across the world to contain its spread, essentially stifling transport, trade, and demand across the planet resulted in sharp contraction in the global economy this year.
Due to the gradual reopening up of the some economies has resulted in a partially pick in global economic activity, said the G20 leaders, but also added that the recovery has been uneven and highly uncertain and is still at risk of further pandemic headwinds.
Their commitment to use “all available policy tools as long as required” for protecting people’s lives, jobs and incomes was reiterated in the statement.
Extension of a freeze in debt service payments as owed by the poorest countries of the world to the middle of 2021 was also affirmed at the meeting in addition to committing to a common approach in addressing the debt problems beyond that.
Private creditors have also strongly urged by the G20 leaders to become part of this initiative based on comparable terms as and when requests come from countries that are eligible under the debt extension scheme.
46 countries have been benefitted by the debt relief initiative of the G20 as a total of $5.7 billion of debt service payments has been deferred in 2020. But that is lower than the 73 countries that were eligible. The initiative will result in savings of about $12 billion.
An important issue of the Italian presidency of the G20 in 2021 will be debt relief for Africa.
The importance of multilateral institutions and was also stressed in the communiqué, which also urged the International Monetary Fund to continue to find out more ways and measures that could be used for helping the member countries of the organization with the health crisis still evolving.