A former top World Bank executive, Georgieva said vaccination efforts were uneven, with poor countries facing “tremendous difficulties” even as official development funds were going down.
Only one country in Africa - Morocco - had begun vaccinating its citizens, she said, citing grave concerns about increased mortality in many African countries.
“We must do everything in our power to reverse this dangerous divergence,” she said, noting developing countries could also miss out on a major shift underway in rich countries to more digital and green economies.
She said accelerating vaccinations could add $9 trillion to the global economy
by 2025, with 60% of benefits going to developing countries.
Georgieva said she was still working with IMF
shareholders to win support for a new allocation of the IMF’s own currency, or Special Drawing Rights (SDRs), which could provide resources to poorer countries.
Former US President Donald Trump had blocked such a move, akin to a central bank printing money. Support from the United States, the IMF’s dominant shareholder, is more likely under President Joe Biden whose administration is open to a new allocation, according to sources familiar with their views. The Biden administration has not addressed the issue publicly.
Georgieva said an SDR allocation of $250 billion in 2009 had helped stabilise the global economy
during the global financial crisis, and the current situation was more grave.
She said the IMF
was completing a periodic review of long-term liquidity needs that might justify a new SDR allocation, but gave no further details.
Group of Seven finance officials will discuss a possible new SDR allocation when they meet on Feb. 12, the sources said.
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