Prominent world leaders demand immediate relief measures: G-20 asked to fund $150 billion to fight Covid-19

No less than 120 former head of states, six Nobel laureates, prominent economists and global social impact personalities have co-signed a letter addressed to the G-20 nations, for an immediate globally coordinated action to address the deepening global health and economic crisis from the coronavirus (Covid-19).
The letter stresses the need for the world leader to commit funding far beyond the current capacity of existing international institutions. The letter calls for "urgent specific measures" to help scale and speed up the support measures needed to address global health and economic issues. The signatories have emphasized the need to effectively address the health emergency, without which, the economic emergency will not be resolved.
In terms of the global health measures, the signatories have stressed the world leaders to commit $8 billion to fill the most urgent gaps. The proposed amount includes $1 billion direly needed by the World Health Organization (WHO) to be able to continue performing its vital role to the fullest. Another $3 billion have been requested to be earmarked the Coalition of Epidemic Preparedness Innovations (CEPI), which is coordinating the global research effort to develop an effective Covid-19 vaccine.
The letter asks for another $7.4 billion to be set aside to procure and equitably distribute vaccines to the poorest countries, should also be fully funded. The need for increasing capacity to produce and procure essential medical supplies, such as testing kids, protective gear and ventilators, has also been emphasized.
Another $35 billion may be needed to support countries with vulnerable healthcare systems, with weak or no national preparedness response plans in place. The letter cites estimates from the Imperial College London, which fears 1.2 million deaths in Africa and Asia combined, if the existing health systems are not looked after and adequately funded by the world. It also proposed a "global pledging conference" supported by G-20 to commit resources to combat the global health needs.
For the economic measures, the letter acknowledges the countries individual efforts to counter the economic risks but proposes a global collective economic response. "Our aim should be to prevent a liquidity crisis turning into a solvency crisis, and a global recession becoming a global depression," reads an excerpt from the letter.
The proposal asks for the IMF to extend hep to the poorest countries, calling for an additional allocation of $500-600 billion in Special Drawing Rights (SDRs). The need to further capitalize the World Bank and other regional development banks, has also been highlighted, to make available a larger pool of resources.
The letter also echoes the demands made by a number of countries of late, that of waiving off the poorest countries' debt repayments for this year, which includes $44 billion from Africa alone. The G20 has been requested to task the IMF and World Bank to analyze the debt sustainability of the most effected countries and find possible ways to allow further debt relief in these difficult times.
The signatories find themselves in agreement with developing and African countries' leaders that they face an existential threat to their economies. The scale of disruption and the limited pool of resources available will mean at least $150 billion will be needed for overall support of health, social safety and other urgent measures.
The letter has been co-signed by the who's who of the world, with Nobel Laurates such as Joseph Stiglitz, Malala Yousufzai, Bengt Holmstrom and others. It also includes a big number of current and former head of states, such as Pakistan's former Premier Shaukat Aziz, Bangladesh's Hasina Wajid, and a number of Africa and Eastern Europe presidents. It also finds support from impact organizations such as Oxfam, WaterAdid UK and Action Aid.