WHO Facing Crunch of $28 Billion in Implementing COVID-19 Programme, Looking for Newer Financial Mechanisms to Fill the Gap
The World Health Organisation is experiencing a financial shortfall of $28 Billion for implementing its programme against COVID-19 and is looking for ways to fulfill the gap, as per a report by Reuters. “Right now financing is what stands between us and getting out of this pandemic as rapidly as possible,” Bruce Aylward, a senior WHO adviser.
Geneva, December 15: The World Health Organisation is experiencing a financial shortfall of $28 Billion for implementing its programme against COVID-19 and is looking for ways to fulfill the gap, as per a report by Reuters. “Right now financing is what stands between us and getting out of this pandemic as rapidly as possible,” Bruce Aylward, a senior WHO adviser told in a UN briefing in Geneva on Tuesday. WHO, COVID-19 Vaccine Makers Discuss Fast-Tracking of Coronavirus Vaccine Rollout.
In order to provide the COVID-19 vaccine to poor and middle income countries, WHO in partnership with GAVI Alliance set up a fund called the Access to COVID-19 Tools (ACT) Accelerator in April. However, the organisations are facing financial difficulties in meeting their target. Taking about the same, Aylward said, "t’s a real challenge in today’s fiscal environment despite the fact that this is the best deal in town. This will pay itself off in 36 hours once we get trade and travel moving again.” WHO Says Immune Barrier From COVID-19 Vaccines 'Still Far-Off', Need to Emphasize on Public Health Measures.
To overcome this financial gap the ACT Facilitation Council met on Monday to discuss feasible options. The meeting was co-chaired by Norway and South Africa. Bruce Aylward reportedly said that new financing mechanisms aimed at securing the funds were discussed at a meeting. The world organisation is looking into the possibility of availing concessional loans and using catastrophe bonds for the same.
Aylward revealed that the WHO and its partners were in talks with Pfizer Inc to include its COVID-19 vaccine as part of an early global roll out. Adding that he saw a “strong commitment” on the part of Pfizer CEO Albert Bourla to set prices at levels appropriate to poorer populations.
(The above story first appeared on LatestLY on Dec 15, 2020 08:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).