G20: Commitment of leaders to guarantee the vaccine to poor countries. Angela Merkel, concerned: “We are too slow”

Pandemic, vaccines and debts. It is the trinomial that judges G20 (virtual) in Saudi Arabia. According to what we read in the draft final communiqué of the G20, the group of the 20 largest economies in the world, is committed to financing fair distribution of vaccines, cures and tests for Covid-19 so that the poorest countries are not left out. “We recognize the role of comprehensive immunization as a global public good,” the document reads. The European Union has asked the G20 for 4.5 billion dollars before the end of the year for supply to the poorest countries useful medicines and equipment to treat Covid-19. At the end of the works, Angela Merkel however, she said she was “concerned” by the slow pace of discussions about poor countries’ access to vaccines. The German Chancellor said: “Now we will see with the Gavi Alliance when these negotiations will begin, because I’m afraid nothing has been done yet ”. The Gavi Alliance brings together developing countries, donor countries, international organizations such as the WHO and the World Bank and private entities, to guarantee access to vaccines for poor countries.

Before and during the summit, there were calls for health support from less advanced economies. Yesterday the chinese president Xi Jinping had asked the G20 members to support the World Health Organization in coordinating the allocation of resources for to ensure fair and efficient distribution of vaccines around the world. “We will commit to addressing the main challenges related to the health emergency, with special reference to universal and equitable access to vaccines and the strengthening of health systems,” the Prime Minister said today. Giuseppe Conte. “Russia is ready to provide his experimental Sputnik V vaccine against Covid-19 to the countries that need it ”, is instead the consolation of the Russian president Vladimir Putin during the summit.

Don’t drown in debt G20 leaders also noted that the economy was in a recovery phase that, however, remained “irregular, very uncertain and subject to high downside risks ”due to the pandemic. Therefore, they pledged to continue to use all available policy tools for as long as necessary to safeguard lives, jobs and income, and encouraged development banks to intensify their efforts to help countries cope with the crisis. crisis. As Il Sole 24 Ore recalls today, citing data from the Institute of International Finance, public and private debt worldwide has now reached a record high of $ 272 billion that’s almost four times the value of world GDP. In the last 9 months alone, debt has grown by $ 15 trillion, concentrating, in proportion, in the less advanced economies. Therefore, during the G20 summit there was also a lot of debate about how restore the relationship between debtors and creditors. Private creditors were invited to join the moratorium on debt service, which the G20 wants to extend through mid-2021 and possibly beyond. Leaders also recognized the particular challenges facing the Africa countries and small island developing states, paving the way for the hypothesis of a debt cancellation contracts from these countries to deal with the health emergency. The G20 also said it will seek a way to taxing international tech giants like Google, Amazon, Facebook, Apple or Microsoft so they pay their fair share of taxes. From December 1 due to scheduled shifts, it will be Italy’s turn coordinate the work of the group of 20 major economies.