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International Monetary Fund
This Work Program puts forward an IMF Board agenda focused on activities of critical importance to our members. In line with the strategic directions laid out in the Fall 2021 Global Policy Agenda and the International Monetary and Financial Committee (IMFC) Communiqué, the Work Program supports three policy priorities: (i) vaccinate the world to combat the pandemic everywhere; (ii) calibrate bilateral and multilateral policies to support the recovery and reduce scarring and divergences; and (iii) accelerate the transformation of the global economy to make it greener, more digital, and inclusive. To deliver on this agenda, it is also important to ensure that the Fund remains appropriately equipped to maintain its role at the center of the global financial safety net.
International Monetary Fund

. Future cycles will follow the same approach . Key Priorities of the Work Program A. Vaccinate the World To stem the pandemic and meet the global goals to vaccinate at least 40 percent of the population in all countries by end-2021 and 70 percent by mid-2022, the Fund will continue to collaborate closely with global partners, including under the Multilateral Leaders Task Force and the IMF-WHO vaccine supply tracker. The Board will be briefed as needed on the status of the vaccination and related financing efforts. B. Calibrate Policies Global outlook

International Monetary Fund

international partners and amplify the impact of our collective efforts. It helps identify critical financing needs and sources and guide policy to support countries’ vaccination, diagnostics, and treatment efforts. The IMF-WHO vaccine supply tracker also helps inform policymakers and our policy guidance. “Now is the time to come together and set things right for future generations by steering our way out of the crisis and setting course for a more prosperous future.” Calibrate Policies should be calibrated to the evolving pandemic conditions and available

Ruchir Agarwal and Tristan Reed

signed High income 211 December 2020 May 2020 Low income 8 May 2021 February 2021 Lower-middle income 105 March 2021 August 2020 Upper-middle income 135 February 2021 August 2020 Source: IMF-WHO Vaccine Supply Tracker To quantify the role of these later orders in explaining late deliveries, Table 2 reports the results of a regression of the month of first delivery (measured in months since January 2020, the month the WHO declared COVID-19 a Public Health Emergency of International Concern) on the

International Monetary Fund
Urgent policy action is needed to control the pandemic, limit scarring, and transform the global economy. The global recovery continues, thanks to unprecedented monetary, fiscal, and financial support over the past year. However, pandemic-induced divergences are persisting, driven by stark differences in access to vaccines and policy space. The Fund will continue to support the membership deal with these ongoing and new challenges. Our priorities are to: vaccinate the world population to stem the spread of pandemic; calibrate policies to limit scarring, support the recovery, and counter growing divergences within and between countries; and accelerate the transformation of the global economy to achieve a more inclusive, greener, and digital recovery.
Ruchir Agarwal and Tristan Reed
A lack of timely financing for purchases of vaccines and other health products impeded the global response to the COVID-19 pandemic. Based on analysis of contract signature and delivery dates in COVID-19 vaccine advance purchase agreements, this paper finds that 60-75 percent of the delay in vaccine deliveries to low- and middle-income countries is attributable to their signing purchase agreements later than high-income countries, which placed them further behind in the delivery line. A pandemic Advance Commitment Facility with access to a credit line on day-zero of the next pandemic could allow low- and middle-income countries to secure orders earlier, ensuring a much faster and equitable global response than during COVD-19. The paper outlines four options for a financier to absorb some or all of the risk associated with the credit line and discusses how the credit would complement other proposals to strengthen the financing architecture for pandemic preparedness, prevention, and response.