Published 08:44 IST, February 26th 2021
US Treasury Secretary calls for global immunisation, asks G20 to help poor nations
Reiterating calls for global immunization, US Secretary of Treasury Janet Yellen said that advanced nations should work in unison to boost pandemic recovery.
Reiterating calls for global immunization, US Secretary of Treasury Janet Yellen, on January 25, said that advanced nations should work in unison not only to boost pandemic recovery but also help poor nations acquire COVID-19 vaccines. In a missive addressed to G20 finance leaders, Yellen emphasised that the first step to help the global economy bounce back was to stop the coronavirus from spreading with worldwide immunisation. "A rapid and truly global vaccination program is the strongest stimulus we can provide to the global economy," she said.
Yellen also called for “multilateralism” saying that "no one nation alone can declare victory over these crises.” Many lower and middle-income nations have repeatedly blasted first-world countries for hogging COVID-19 vaccines. Their call has been echoed by global bodies like the WHO and IMF. Addressing the same, Yellen that it could lead to further loss of lives and delay the economic recovery.
'Time to go big'
She also warned against making the mistake of pulling back too soon on the stimulus which governments have been providing to shore up their economies, saying now is the time to "go big." She asked all the G-20 countries to follow the lead of the US and continue to aid their economies with substantial support. Doubling down on her stance, she said that while the country was in deep crisis, President Joe Biden's USD 1.9 trillion relief plan could generate enough growth to restore full employment by next year.
Biden on January 14 had also unveiled the coronavirus package in a bid to end a “crisis of deep human suffering” by ramping up COVID-19 vaccines and boosting the financial help for those who are impacted with pandemic’s economic fallout. The legislative proposal of Biden will reportedly meet his goal of administering at least 100 million vaccines by the 100th day of his administration along with elevating his objective of reopening most schools by the spring. In the plan, Biden has proposed $1,400 checks for most Americans in addition to the $600 provided in the most recent COVID-19 bill. This would bring the total to $2,000 while also extending a temporary boost in unemployment benefits and a moratorium on evictions and foreclosures through September.
Updated 08:44 IST, February 26th 2021