Developing countries in Desperate need for Debt Relief Post Covid

Following the death toll and the international collaboration that followed the emergence of the global pandemic, the world was saved with the introduction of the covid vaccine. All over the world, first world countries are in a hurry to ensure that all or at least a sizable portion of their citizens are vaccinated, this situation leaves the second and third world countries struggling with the scarce vaccine and the inadequate resources they possess to fight the virus. Ironically, the fact that the virus is still out there means that everyone is threatened, so if the poorer countries are left to suffer, and the pandemic is still present, the whole world including the rich and well to do economies will still suffer. 

Efforts are being made to ensure that the vaccine is available in these less developed countries, through the COVAX initiative which was set up by the Coalition for Epidemic Preparedness Innovations (CEPI), the Global Vaccine Alliance (Gavi), and the World Health Organization (WHO), however this initiative is lacking in sufficient funds to execute the project successfully. Thankfully, major international organisations such as The Group of Twenty (G20), the International Monetary Fund (IMF) and other major development banks have seen the need for this and have begun to initiate steps in providing financial aid and debt relief. From the stables of the international financial markets, the decision to halt the movement of funds to less developed countries which began in 2020 between the months of  March and April has been overturned and substantial funds have been moved to these economies. This has helped to reduce the financial problems for many countries.
Despite these elephantic efforts at aiding developing economies, the need for more debt relief is still a going concern majorly due to the fact that the pandemic is still present and for how long no one knows exactly, which as a matter of fact could still cause major financial problems for third world economies, this need has even been heightened due to the fact that new strains of the virus are emerging which could further put a strain on the already deteriorating financial situation in these countries. The truth remains that the system of tackling issues as they occur without projecting into the future possibilities needs to be done away with, instead, the international bodies should begin to make sustainable plans that would mitigate the current situation and also prepare for future eventualities. They may need to encourage the creation of financing mediums for pandemics in major international financial institutions, they may also need to create a system or fix the current system in place that attends to securing debt relief for developing countries, the idea of liquidating some of the IMF investments in gold has been severally suggested, however if that situation should occur, it would be beneficial to utilize some of the resources in helping these less developed countries. The international community has previously been successful at dealing with these kinds of situations in the past, now the present situation beckons on them to replicate their previous success.

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