IMF, World Bank prioritise vaccine access to end pandemic

International Monetary Fund headquarters(IMF) building in Washington, DC.

After kicking their massive lending powers into overdrive to help the nations hardest hit by Covid-19 last year, the IMF and the World Bank are now focusing on getting vaccines to poor countries to keep the pandemic from derailing the global economic recovery. Managing Director of the International Monetary Fund Kristalina Georgieva is spearheading a $50 billion joint effort with the World Health Organization to expand vaccine access, particularly for impoverished nations that have struggled to get the crucial jabs. Georgieva will on Friday present the proposal, which was unveiled late last month and backed by the World Bank and World Trade Organization, to finance ministers from the G7 wealthiest nations during a meeting in London. Early in the Covid-19 crisis, the IMF and World Bank warned the pandemic would set back poor countries' progress, causing increased inequality and a resurgence of poverty.