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SYDNEY and KUALA LUMPUR, May 25 2021 (IPS) - Failure to sufficiently accelerate comprehensive efforts to contain COVID-19 contagion has greatly worsened the catastrophe in developing countries. Grossly inadequate financing of relief, recovery and reform efforts has also further set back progress, including sustainable development. Anis Chowdhury Uncertain and unequal recovery After over a year, “Poor countries are facing severe setbacks on their development paths, encumbered by ballooning debts, high risks of default and limited ability to inject desperately needed liquidity”, observed participants at a recent UN Forum. International Monetary Fund (IMF) chief economist, Gita Gopinath, estimates US$9 trillion in economic benefits from adequately accelerating affordable mass vaccination, testing, tracing and treatment at a cost of US$50bn.

Kuala lumpurUnited statesNew south walesUnited kingdomJeffrey sachsAnis chowdhuryCarmen reinhartGita gopinathJomo kwame sundaramDevelopment aidInternational monetary fundAllocations for the group of sevenWorld bankDebt service suspension initiativeDevelopment assistance committeeRun forum