Gordon Brown Former UK's PM
Source: Twitter
G20 INITIATIVES
âš« $2.25 billion for Therapeutics: The COVID-19 Therapeutics Accelerator aims to deliver 100 million treatments by the end of 2020 and is seeking these funds to rapidly develop and scale-up access to therapeutics.
âš« Instead of each country, or state or province within it, competing for a share of the existing capacity, with the risk of rapidly increasing prices, we should also be vastly increasing capacity by supporting the WHO in coordinating the global production and procurement of medical supplies, such as testing kits, personal protection equipment, and ITU technology to meet fully the worldwide demand. We will also need to stockpile and distribute essential equipment.
A further $35 billion will be required, as highlighted by WHO, to support countries with weaker health systems and especially vulnerable populations, including the provision of vital medical supplies, surge support to the national health workforce (70% of whom in many countries are underpaid women), and strengthening national resilience and preparedness. According to WHO, almost 30% of countries have no COVID-19 national preparedness response plans and only half have a national infection prevention and control program. Health systems in lower income countries will struggle to cope; even the most optimistic estimates from Imperial College London suggest there will be 900,000 deaths in Asia and 300,000 in Africa.
We propose the convening of a global pledging conference ““ its task supported by a G20 Executive Task Force ““ to commit resources to meeting these emergency global health needs.
Global Economic Measures
Much has been done by national governments to counter the downward slide of their economies. But a global economic problem requires a global economic response. Our aim should be to prevent a liquidity crisis turning into a solvency crisis, and a global recession becoming a global depression. To ensure this, better coordinated fiscal, monetary, central bank, and anti-protectionist initiatives are needed. The ambitious fiscal stimuli of some countries will be all-the-more effective if more strongly complemented by all countries in a position to do so.
âš« A wider group of central banks should be given access to the arrangements for currency swaps and the International Monetary Fund (IMF) should enter into swap arrangements with the major central banks. The IMF should use those hard currency resources and establish its own swap line facility to provide emergency financial support to emerging and developing nations. But it is vital that if we are to prevent mass redundancies, the guarantees that are being given in each country are rapidly followed through by banks via on-the-ground support for companies and individuals.
âš« The emerging economies ““ and in particular those of the poorest countries ““ need special help, not the least in ensuring that support reaches all those affected by the drastic decrease in economic activity. The IMF has said it will mobilize all of its available resources. There should be an additional allocation of around $500- $600 billion in Special Drawing Rights (SDRs). At the same time, to ensure
