The Governor of the Central Bank of Iran Ali Salehabadi said equal access to Covid-19 vaccine is a priority of the G24.
He was addressing members of Intergovernmental Group of Twenty-Four, held virtually on Monday, attended by heads of the International Monetary Fund and World Bank along with central bank governors and economy ministers of the G24.
According to a press release posted on the CBI’s website, the meeting was held to discuss ways to cope with the pandemic and address economic issues of developing countries.
“A key G24 priority is vaccinating people across the globe. It is crucial to expedite production and distribution of the vaccine with all countries having equal access,” Salehabadi told the conferees.
The senior banker commended IMF aid to help cope with the pandemic and mitigate its economic impact.
“Multilateral development banks play a key role in supporting efforts to curb the pandemic and mitigate its financial burden,” Salehabadi said.
Back in August, the IMF board of governors approved a general allocation of Special Drawing Rights (SDRs) equivalent to $650 billion to mitigate the economic consequence of the pandemic.
“This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.
It will particularly help our most vulnerable countries struggling to cope with the impact of the Covid crisis,” IMF Managing Director Kristalina Georgieva said.
The newly created SDRs were allocated to IMF member countries in proportion to their existing quotas in the fund. About $275 billion is to go to emerging markets and developing countries, including low-income countries.
Iran Loan Request Denied
While many countries had access to IMF aid, the international lender denied Iran’s request for $5 billion in March 2020, apparently due to US pressure.
The US is the largest shareholder in the IMF and has an “effective veto" over the lender's decisions. Tehran has criticized the IMF for denying its loan request, saying loans must be granted without prejudice and unwanted political influence.
Addressing the G-24 meeting, Georgieva outlined the crisis lender’s effort to expedite vaccination and improve global access to Covid vaccines. “It is predicted that by the end of 2021, 40% of the word population would receive the jabs,” the CBI website quoted her as saying.
G-24 members exchanged views on environmental issues, such as reduction of carbon emission, access to clean energies and reducing energy subsidies.
G-24 was established in 1971 to coordinate the positions of emerging markets and developing countries on international monetary and development finance issues.
It helps ensure that their interests are adequately represented at the Bretton Woods institutions, particularly in the International Monetary and Financial Committee (IMFC) and the development committee meetings of the IMF and WB.
