The Rockefeller Foundation Releases New Financing Roadmap to End Pandemic by End of 2022
Calls for $44 billion in SDRs through IMF to achieve 70% vaccination rate in LMICs
Recommends an allocation of $650 billion in SDRs to catalyze a sustainable global recovery
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NEW YORK, April 6, 2021 /PRNewswire/ -- The Rockefeller Foundation released a new roadmap for financing the end of the Covid-19 pandemic by the end of 2022 and kick-starting a just and sustainable global recovery.
An Action Plan for Financing Global Vaccination and Sustainable Growth issues a call to action to leverage $44 billion in special drawing rights (SDRs) through the International Monetary Fund (IMF) in order to achieve a 70% vaccination rate in low- and middle-income countries (LMICs) by the end of 2022. These special drawing rights would be a part of a broader issuance of $650 billion in SDRs to jump start a more inclusive, sustainable recovery in LMICs at no additional cost to wealthy nations, which have spent heavily on their own recoveries. The Foundation's financing roadmap calls for this new allocation to be finalized and distributed as swiftly as possible. Arguing that without it, the pandemic will rage on in these countries, giving rise to variants and supply chain disruptions that threaten efforts to defeat the virus in every country. The roadmap also cites the need for a re-allocation of no less than $100 billion in wealthy countries' SDRs to further support pandemic response and recovery in LMICs with relatively low cost to donors.