G20 Leaders Pledge to Fund Fair Distribution of COVID-19 Vaccines

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In an attempt to help out the poorer countries amidst the pandemic, leaders of the world’s 20 biggest economies pledged to pay for an equal distribution of COVID-19 drugs, tests, and vaccines around the world.

As per the draft G20 communique, the leaders aim to spare no effort in ensuring affordable access to people and recognize the role of extensive immunization as a benefit to the global public. They talked about the uncertain recovery of the global economy and pledged to continue the use of policy tools as long as needed to safeguard lives while encouraging multilateral development banks (MDB) to help countries deal with the crisis in an even more well-thought manner. G20 also wants to extend the debt servicing moratorium until mid-2021 or longer and called on private creditors to join due to a lack of participation from their end.

To pay for COVID-19 fighting tools for poorer countries, the European Union asked for 4.5 billion USD by the end of the year from the G20. The leaders also hinted towards a growing recognition of the fact that even some middle-income countries like those in Africa might need debt relief due to COVID-19.

As Democrat President-elect Joe Biden prepares to replace Donald Trump as the US president in 2 months, the imminent change also seemed to have given way to a bolder discussion on climate change. Conclusively, the draft put forth G20 leaders’ commitment to safeguarding the planet and building a more sustainable future while recovering from the pandemic.

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