According to US Treasury Secretary Janet Yellen, “without further international measures to support low-income countries,” there is also a risk of serious problems in the global economy.
The Group of Twenty (G20) should strengthen support for poor countries to get a coronavirus vaccine as soon as possible. This is stated in a letter issued on Thursday by US Treasury Secretary Janet Yellen to the international community members.
She pointed to the importance of the “global immunization campaign,” adding that “without access to vaccines, low-income countries” will continue to face a large number of deaths from the coronavirus disease, as well as significant consequences of the economic crisis. The head of the Ministry of Finance spoke in support of the international COVAX mechanism within the WHO, designed to facilitate the receipt of coronavirus vaccines by less well-off states, involving 190 countries and economies. “I call on the G20 countries to strengthen their support to meet the continuing urgent needs of these initiatives. An early and truly global vaccination program is the greatest incentive we can give to the global economy,” Yellen said.
Also, the minister continued, “without further international measures to support low-income countries,” there remains a risk of serious problems in the global economy. In this regard, she called on the G20 to look for ways to strengthen the IMF and the World Bank mechanisms to provide credit assistance to developing countries. Yellen also believes in the need to continue stimulating the global economy.
An outbreak of the coronavirus infection was recorded in Central China at the end of 2019 and has spread to most countries. On March 11 last year, the World Health Organization recognized it as a pandemic. All countries and territories were forced to take various emergency measures of a sanitary and epidemiological nature, which led to a deep international economic crisis. According to the IMF forecast, the world economy will recover and grow by 5.5% this year.