THE heads of the world’s predominant global financing, health and trade agencies have united to urge government leaders to invest in a USD 50 billion roadmap to accelerate the equitable distribution of COVID-19 vaccines and treatments to help end the pandemic.

Leaders of the International Monetary Fund (IMF), World Bank Group, World Health Organisation (WHO) and World Trade Organisation (WTO) said governments must act without further delay or risk continued waves and explosive outbreaks of COVID-19 as well as more transmissible and deadly virus variants undermining the global recovery.

"By now it has become abundantly clear there will be no broad-based recovery without an end to the health crisis. Access to vaccination is key to both," said a joint statement.

The IMF last month proposed a USD 50 billion spending plan to increase manufacturing capacity, supply, trade flows, and delivery, which would accelerate the equitable distribution of diagnostics, oxygen, treatments, medical supplies and vaccines. This injection would also give a major boost to economic growth around the world.

"At an estimated USD 50 billion, it will bring the pandemic to an end faster in the developing world, reduce infections and loss of lives, accelerate the economic recovery, and generate some USD 9 trillion in additional global output by 2025," said the leadership.

With this increase in funding, the organisations are targeting immunising at least 40 per cent of the global population by the year-end, and at least 60 per cent by the first half of 2022.

The joint statement was issued as the World Health Assembly drew to a conclusion and a round of G7 meetings were set to start, beginning with a Finance Ministers convening later this week, and following a Global Health Summit co-hosted by the EU and Italy, which chairs the G20.

"To urgently get more shots in arms, doses need to be donated immediately to developing countries synchronised with national vaccine deployment plans, including through COVAX,” said the four leaders.

The plan will require additional financing for low- and middle-income countries, with much of it coming from grants and below-market-rate loans, the groups said.