GENEVA, June 2 (IPS) – The author is the Executive Director of UNAIDS and the Under-Secretary-General of the United Nations. Blocking: Finance.
Today, many countries around the world are facing angry economic disasters, during an angry epidemic, and during the greatest crisis since World War II. Most countries have slashed investment in essential public services. Such penance is literally deadly.
As world leaders exchange proposals for joint financial action to recover in the process of building a series of G and G20 meetings, they need to be free from the degrading and damaging financial model that is creeping into the wounds of social and economic reform.
Of course, it is important to acknowledge that the G20 finance ministers and world leaders, including the IMF Council, have taken important initial steps towards recovery, including at a recent meeting between the World Bank and the IMF. But the scale of financial measurement taken is dwarfed by the scale of need.
Simply put, if leaders do not move forward to find and dispose of the finances they need, the effects include a return to the level of scarcity that we thought we had overcome, and exacerbating social and political catastrophes.
To be clear, this is not advice of despair, but leaders are told to make wise choices, and to pressure the public to do so. The really good news is this: if there is a will, we can get the money.
In Debt, the leaders agreed to expand the suspension initiative; But they have only done so by the end of this year, and only private creditors have been invited to help.
As a result, more than ० 0 billion in payments will flow from poor countries to banks, investment funds, governments and multilateral banks by 2021. Of these, only the IMF has declared relief to two countries.
The poorest countries need to cancel repayments, and weaker middle-income countries need approaches that allow them to do so.
No debt service can be repaid or demanded unless the investments needed to achieve the UN Sustainable Development Goals on health are secured.
Poor poor countries should not be forced into new debts to pay for vaccine imports, but should be allowed to produce their own at a much lower cost.
Many welcome statements from key leaders on patent waivers need to be immediately converted into formal decisions, reinforced by technology partnerships by companies through the WHO.
With the help of traditional donors, OECD figures show an overall increase of only अर्ब 10 billion. This is a drop in the sea compared to the trillion dollars that rich countries have contributed to it.
There is no longer any agreement to expand the ODA when it is most needed. All developed countries must honor the pledge of at least 0.7%. Returning after an epidemic is the most damaging time.
Emerging countries with a strong financial capacity should also keep pace with their upgraded contributions.
In special drawing rights (SDRs), the IMF currency has reached a historic high of 50.50 billion. But with only 3.3% of those resources, २२ 22 billion, set to flow to sub-Saharan Africa, the region is the most needed. In fact, low-income countries are less likely to receive through SDR issuances than the amount of external debt repayments not set for 2021.
There has been active discussion about redefining the share of rich countries, perhaps 10% or so, of their own SRR. But it has become a tough issue for rich countries to recalculate their valuable SDRs in low- and low-middle-income countries.
That actually represents by far the largest funding for development operations; But that scale of action requires a measure of our current crisis.
Of course, which countries need their own domestic resources the most? Is to grow. Right now, we lose a nurse’s annual salary every second in tax havens.
Talks by world leaders on tax evasion have been hailed as historic and a proposal has been made to establish a minimum global corporate tax, which would enable billions in public investment across the country and seriously reduce extreme inequality.
An agreement with the G20 and the OECD will be discussed soon. Leaders need to move from immediate discussion to agreement and action.
We need a compact that includes taxes on more profits, wealth, and negative climate effects, abolishing user fees and investing in health and education expansion so that they can ultimately experience sovereign rights.
Preparing for a global epidemic, stability and prosperity We all need to fight inequality.
Gordon Brown’s proposal to immediately share the ० 1 trillion burden of vaccines and essential medical supplies, diagnosis and medical oxygen for the G countries is urgently needed.
It kicks off the recovery for each country and helps set the world on the path to a new approach to global financing.
Now is the moment that dustbins are old tired thoughts that we can’t get past. The reality is that we can’t No.
Scott of the Covid 1 crisis has seen nearly $ 1 trillion in property transfers from workers. This moment, like the previous ones, could be a moment to rebuild a beautiful world – but only if we capture it.
Achieving a more equal world is essential for our health. Financial solutions are there. The main challenge is not technical, it is courage.
© Inter Press Service (2021) – All rights reservedOriginal Source: Inter Press Service