The United Nations is bringing together representatives from banks, funds and financial institutions that are working to mobilize US1.2 trillion dollars in humanitarian and economic relief to developing countries reeling under the impact of COVID-19 to help expedite the flow of these resources to countries in need.
The meeting, the Financing for Development Forum’s second extraordinary meeting to offer concrete approaches to boost financing for rapid response and a sustainable recovery is being held under the auspices of the UN’s Economic and Social Council (ECOSOC).
“We cannot let those that are less able to deal with this crisis fall further behind. It is not only a moral obligation, but also in our best interest to help the most vulnerable countries emerge from the pandemic stronger.” said ECOSOC President Mona Juul, of Norway. “The risk of catastrophic economic failure is great. Funds, banks, and International Financial Institutions are opening up avenues for relief, so we want to put those with needs together with those who can help, and facilitate the way forward.”
The UN itself is working to mobilize $8.7 billion dollars through the Global Humanitarian Response Plan for COVID-19 ($6.7 billion) and the UN COVID-19 Response and Recovery Fund ($2 billion), for which it will be soliciting from donor governments and other stakeholders. The World Health Organization’s $1.7 billion COVID-19 Solidarity Response Fund, which is currently 36 per cent funded with $624.5 million already raised, facilitates rapid action by WHO to support countries.
These critical appeals, if fulfilled, will enable the international community to fight the virus in the world’s poorest countries, and address the needs of populations that are particularly vulnerable to the impacts of both COVID-19 and climate change.