The global debt reaches 98% of the economic output … Governments pumped $ 14 trillion


The International Monetary Fund confirmed yesterday that global debt has likely reached 98 percent of economic output at the end of 2020, as governments have poured about $ 14 trillion in financial support to combat the Corona pandemic, and urged to continue that support until the recovery begins strongly.
According to “Reuters”, the fund said in its “Financial Monitor” report, “The support included $ 7.8 trillion in additional direct spending or projected revenues and $ 6 trillion in the form of guarantees, loans and liquidity injections.” That increases by about $ 2.2 trillion since the previous Financial Monitor report was released in October.
“Global cooperation in producing treatments and vaccines and distributing them on a large scale to all countries at low cost is very important,” the fund officials said in a post that accompanied the report.
“Vaccination is a global public good that saves lives and will ultimately save taxpayers’ money in various countries. The closer the end of the global pandemic, the faster economies will return to normal, and the less people need government support,” he said.
This comes at a time when the regional head of the World Health Organization in Europe, Hans Kluge, said yesterday, “The manufacturers of vaccines against Covid-19 are working non-stop to fill the shortage in supplies to countries struggling to contain the epidemic, and he urged those countries not to scramble to obtain their orders.” .
“Solidarity does not necessarily mean that every country in the world begins the vaccination process at the exact same moment,” Kluge said in an Internet press conference. “A good understanding of the matter is that no one will be safe before everyone is safe.”
After a question about the late arrival of the Pfizer and AstraZeneca vaccines to patients in the 27 member states of the European Union, Kluge and Siddhartha Datta, the WHO vaccination expert, appealed to governments and manufacturers to cooperate together in facing the problems that began to appear during the launch of vaccines.
“In fact, there is a shortage of vaccines … But we have no doubt that manufacturers and producers are working non-stop to fill the gaps, and we are confident that the delays that we are witnessing now will be compensated for by the additional production in the future,” Kluge said.
The countries of the European Union, whose members are far behind Israel, the United Kingdom and the United States in launching vaccines, are scrambling to obtain supplies from it, while major Western pharmaceutical companies are slowing down vaccine deliveries to agglomeration due to production problems.
“We have to be patient, because the vaccination will take time,” Kluge said, adding that “35 countries in Europe have already started vaccination with 25 million doses have been given so far.”


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