Quickly enabling greater and more affordable production of and access to COVID-19 medical needs is urgently needed in the South. Such progress will also foster much needed goodwill for international cooperation, multilateralism and sustainable development.
Addressing global warming requires cutting carbon emissions by almost half by 2030! For the Intergovernmental Panel on Climate Change, emissions must fall by 45%
below 2010 levels by 2030 to limit warming to 1.5°C, instead of the 2.7°C now expected.
Current climate mitigation plans will result in a catastrophic 2.7°C world temperature rise
. US$1.6–3.8 trillion is needed
annually to avoid global warming exceeding 1.5°C.
“The outlook for LDCs is grim”. The latest United Nations (UN) assessment
of prospects for the least developed countries (LDCs) notes recent setbacks without finding any silver lining on the horizon.
Half a century ago, LDCs were first officially recognised by a UN General Assembly resolution
. It built on research, analysis and advocacy by the UN Conference on Trade and Development (UNCTAD).
The bogey of inflation has been revived. Dubious pre-pandemic economic progress, fiscal constraints and vaccine apartheid were bad enough. Now, ostensibly anti-inflationary measures also threaten recovery and sustainable development.
The world should now be more aware of likely COVID-19 devastation unless urgently checked. Last week, the World Health Organization (WHO) announced an US$8 billion plan
to quickly vaccinate many more people to expedite ending the pandemic.
As finance ministers and central bank governors gather next week for the IMF-World Bank annual meetings in the US capital, the first shots of a new putsch against multilateralism have been fired. The target: Kristalina Georgieva, Fund Managing Director (MD) since 2019.
US President Biden’s earlier support for a vaccine patent waiver raised hopes for his summit last week. However, it proved disappointing, not only for efforts to end the pandemic, but also for US leadership in these challenging times.
As developing countries struggle to cope with the pandemic, they risk being set back further by restrictive fiscal policies. These were imposed by rich countries who no longer practice them if they ever did. Instead, the global South urgently needs bold policies to ensure adequate relief, recovery and reform.
Timely interventions by civil society, including concerned scientists, have prevented many likely abuses of next week’s UN Food Systems Summit (UNFSS). The Secretary General (UNSG) must now prevent UN endorsement of what remains of its prime movers
’ corporate agenda.
Vaccine costs have pushed many developing countries to the end of the COVID-19 vaccination queue, with most low-income ones not even lining up. Worse, less vaccinated poor nations cannot afford fiscal efforts to provide relief or stimulate recovery, let alone achieve Agenda 2030.
The pandemic is pushing back the world’s poorest countries with the least means to finance economic recovery and contagion containment efforts. Without international solidarity, economic gaps will grow again as COVID-19 threatens humanity for years to come.
Instead of a health system striving to provide universal healthcare, a fragmented, profit-driven market ‘non-system’ has emerged. The 1980s’ neo-liberal counter-revolution against the historic 1978 Alma-Ata Declaration
Decades of public health cuts have quietly taken a huge human toll, now even more pronounced with the pandemic. Austerity programmes, by the International Monetary Fund (IMF) and World Bank, have forced countries to cut public spending, including health provisioning.
Hopes for an inclusive global economic recovery are fast fading. As rich countries have done little to ensure poor countries’ access to vaccines and fiscal resources, North-South “fault lines
” will certainly widen.
Enhancing relief, recovery, transformation
While the International Monetary Fund (IMF) has revised
rich countries’ recovery prospects upward, the United Nations (UN) notes formidable challenges, especially for developing countries, due to the pandemic.
Undoubtedly, the world needs to reform existing food systems to better serve humanity and sustainable development. But the United Nations World Food Systems Summit (UNFSS
) must be consistent with UN-led multilateralism.
For the first time ever, the World Economic Forum (WEF), a partnership of some of the world’s most powerful corporations, is partnering the UN in launching the Summit, now scheduled for September, with its ‘Pre-Summit’ beginning today.
Despite facing the world’s worst pandemic of the last century, rich countries in the World Trade Organization (WTO) have blocked efforts to enable more affordable access to the means to fight the pandemic.
‘No one is protected from the global pandemic until everyone is’ has become a popular mantra. But vaccine apartheid worldwide, due to rich countries’ policies, has made COVID-19 a developing country pandemic
, delaying its end and global economic recovery.
As rich countries have delayed contagion containment, including mass vaccination, in developing countries, much weaker fiscal efforts in the South have worsened the growing world pandemic apartheid
Too many have swallowed the myth that lowering corporate income tax (CIT) is necessary to attract foreign direct investment (FDI) for growth. Although contradicted by their own research, this lie has long been promoted by influential international economic institutions.
COVID-19 has become a “developing country pandemic
”, retreating from the North’s mass vaccination. With developing countries heavily handicapped, the International Monetary Fund (IMF) warns
of a “dangerous [new] divergence”.