The full statement can be found at the following link: The Global Preparedness Monitoring Board calls for a Scaled-Up Global Response to COVID-19: Estimated Costs and Funding Sources
Executive Summary
The rapid spread of COVID-19 has already had profound health, social and economic impact around the world. As the true scale of infection becomes apparent, disruption to people, communities, businesses, health systems and economies will continue to grow - international financial institutions and the major economic nations must respond decisively and immediately to the global response at a scale commensurate to the size of the problem. This is why the Global Preparedness Monitoring Board (GPMB) is calling for the immediate injection of at least $8bn of new funding.
The GPMB warmly welcomes the announcement from the World Bank on 03/03/2020 to commit up to $12bn of support for the COVID-19 country response, which will help strengthen the preparedness and response capacities of countries with the weakest health systems. The IMF’s $50bn coronavirus package announced on 03/04/2020 will be key to supporting economies. But there remain significant urgent gaps that this money does not address.
Key needs include:
- fully funding the WHO to coordinate and prioritize support efforts to the most vulnerable countries
- developing new diagnostics, therapeutics, and vaccines
- strengthening unmet needs for regional surveillance and coordination
- ensuring sufficient supplies of protective equipment for health workers.
The costs of inaction, or responding slowly, are significant both in human and economic terms. Investing now will significantly reduce these costs. Dr Tedros Adhanom Ghebreyesus, WHO Director General has been clear on the urgency, stating that “We are at a decisive point…If you act aggressively now, you can contain this virus”.