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Tuesday, January 25, 2022

IMF and World Bank will play an important role in stopping Corona, steps will also have to be taken to speed up the economy

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The committee said that due to economic shocks, poverty, inequality has increased and the development benefits in the past are ending. However, a slow revival has begun in the global economy.

International Monetary Fund

The Joint Ministerial Committee of the International Monetary Fund (IMF) and World Bank believes that the impact of the COVID-19 epidemic will be seen for many years. The committee has asked the two global financial bodies to ensure the supply of safe and effective vaccines to all countries. The same Finance Minister Nirmala Sitharaman has also urged the World Bank to continue its help in India to deal with the second phase of Corona.

“The timely supply of safe and effective vaccines to all countries around the world is of utmost importance with a view to ending the pandemic, especially given that the new corona virus is now in place,” said the statement issued after the IMF and World Bank meetings. The form has arrived. Developing countries should complete the preparations for the vaccination campaign and reach the vulnerable population of the country through a coordinated strategy. The committee said that the COVID-19 epidemic has created a major health, economic and social crisis, which today threatens the lives and livelihoods of crores of people.

Impact on the economy due to economic shaking

The committee said that due to economic shocks, poverty, inequality has increased and the development benefits in the past are ending. Although a slow revival has begun in the global economy, there are uncertainties over the medium-term prospects. According to John Hopkins University, so far 13,54,45,099 people have been infected by the epidemic in the world. This epidemic has killed 29,14,590 people worldwide.

IMF and World Bank watch

“We call for sustained and targeted financial and technical cooperation,” the statement said. In addition, there should be strong coordination between bilateral and multilateral organizations. We urge the World Bank and the IMF to try to control the impact of this epidemic together and with other partners. The committee stressed on doubling efforts to support vaccine manufacturing capacity and epidemic-related medical supplies in developing countries.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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