Nirmala Sitharaman highlights need to keep supply chains open for vaccine raw materials to combat COVID-19

@the_news_21

Finance Minister Nirmala Sitharaman has highlighted the need of an international financial architecture to fight the COVID-19 pandemic across the globe and stressed on the importance to keep the supply chains open for vaccine raw materials.

Sitharaman, participating in the 36th Annual G30 International Banking Seminar virtually here on Sunday, spoke on the panel about Financing the Commons, Climate and pandemic security, the Finance Ministry tweeted.

She stressed on focused mobilisation and #equitableallocation of finances and #techsolutions to successfully harness the global #commongood of #climate and #pandemic security, it said.

Sitharaman highlighted the need of an international financial architecture to fight the COVID-19 pandemic across the globe and supported the need of new financial instruments to focus and press forward green initiatives.

She underlined the need for the World Health Organisation (WHO) to be strengthened for a more effective response to new challenges.

The minister stressed on the need to keep open supply chains for vaccine raw materials, the ministry said.

India has been highlighting the importance of enhancing the resilience of supply chains and greater engagement in the Indo-Pacific region, especially after the pandemic caused disruptions in the existing supply chains.

Sitharaman, arrived here on Friday after her visit to Washington DC, also addressed a gathering of women entrepreneurs of Indian-origin in New Jersey, where she spoke on India’s robust economic recovery and the road ahead and the opportunities India has to offer to the world.

In Washington, she participated in the annual meetings of the World Bank and the International Monetary Fund.

Sitharaman began her week-long US visit with a trip to Boston, where she met CEOs, addressed a roundtable meeting of investors and executives and addressed students and faculty at the Harvard Kennedy School.

India, the world’s largest producer of vaccines overall, suspended exports of COVID-19 vaccines in April to focus on inoculating its own population following a sudden spike in infections.

Last month, Union Health Minister Mansukh Mandaviya announced that India will resume the supplies abroad.

India said that it will resume export of surplus COVID-19 vaccines in the fourth quarter of 2021 under the ”Vaccine Maitri” programme and to meet its commitment to the COVAX global pool.

COVAX is a worldwide initiative aimed at equitable access to COVID-19 vaccines directed by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations, and the WHO.