Home WORLD NEWS 165 VIPs urge 20 economic powers for billions for Covid-19

165 VIPs urge 20 economic powers for billions for Covid-19

Many former global leaders and other VIPs urged the world’s 20 major industrialized nations to approve $8 billion in emergency funding to speed the search for a vaccine, cure and treatment for Covid-19 and prevent a second wave of the coronavirus pandemic.

In an open letter to governments of the Group of 20 nations, the leaders, ministers, top executives and scientists also called for $35 billion to support countries with weaker health systems and especially vulnerable populations, and at least $150 billion for developing countries to fight the medical and economic crisis.

And they urged the international community to waive this year’s debt repayments from poorer countries, including $44 billion due from Africa.

The letter released Monday night urged coordinated action within the next few days to address our deepening global health and economic crises from Covid-19.

The communique from the G20 leaders’ summit on March 26 recognized the gravity and urgency of the crisis, the signatories said, but we now require urgent specific measures that can be agreed on with speed and at scale.

The letter noted the problems were inter-connected. The economic emergency will not be resolved until the health emergency is effectively addressed: the health emergency will not end simply by conquering the disease in one country alone, but by ensuring recovery from COVID-19 in all countries.

The group called for a global pledging conference, coordinated by a G20 task force, to commit resources to meet emergency needs.

All health systems even the most sophisticated and best funded are buckling under the pressures of the virus, it said.

Yet if we do nothing as the disease spreads in poorer African, Asian, and Latin American cities and in fragile communities which have little testing equipment, ventilators, and medical supplies; and where social distancing and even washing hands are difficult to achieve, the group warned, COVID-19 will persist there and re-emerge to hit the rest of the world with further rounds that will prolong the crisis.

The 165 signatories included former U.N. Secretary-General Ban Ki-moon, 92 former presidents and prime ministers, the current prime ministers of Ethiopia and Bangladesh, Sierra Leone’s president, philanthropist George Soros, former Irish president Mary Robinson, who chairs The Elders, and Graca Machel, the group’s deputy chair.

Others include former British Prime Ministers Tony Blair, Gordon Brown and John Major, former U.S. Treasury Secretary Lawrence Summers, International Economic Association President Kaushik Basu, who was a World Bank chief economist, and Georgetown University Associate Professor Deus Bazira, co-director of the Center for Global Health Practice and Impact.

Instead of countries and localities competing for a share of the existing capacity, with the risk of spiking prices, the world should be vastly increasing capacity by supporting the World Health Organization in coordinating the production and procurement of medical supplies and technology to meet fully the worldwide demand, it said.

As for the economy, the group said, our aim should be to prevent a liquidity crisis turning into a solvency crisis, and a global recession becoming a global depression.

IndiaToday.in has plenty of useful resources that can help you better understand the coronavirus pandemic and protect yourself. Read our comprehensive guide (with information on how the virus spreads, precautions and symptoms), watch an expert debunk myths, check out our data analysis of cases in India, and access our dedicated coronavirus page. Get the latest updates on our live blog.

Watch India Today TV live here. Catch the latest TV debates and video reports here.

Get real-time alerts and all the news on your phone with the all-new India Today app. Download from

  • IOS App

Source link


Please enter your comment!
Please enter your name here

Most Popular

Riteish Deshmukh introduces his little ‘musical maestro’

Image Source : INSTAGRAM/RITEISH DESHMUKH Genelia and Riteish Deshmukh recently went off to a farm in Latur with their sons. ...

Subramanian Swamy says will press for CBI inquiry into Sushant Rajput death case

Image Source : SUSHANT SINGH RAJPUT/ INSTAGRAM Patna-born Rajput (34)'s suicide had triggered a debate on alleged nepotism and favouritism in...

Sushant Singh Rajput’s family being ‘pressurised to name productions houses’, alleges lawyer

Mumbai Police allegedly put pressure on the family of late Bollywood actor Sushant Singh Rajput to mention names of a few big...

Sony HT-G700 Soundbar With Dolby Atmos, DTS:X Support Launched in India

To cater the high demand of audio products amid lockdown situation in the country, Sony India has launched the HT-G700 soundbar with Dolby...