ECOSOC chief Munir Akram re-emphasizes equitable access to Covid vaccine for health, economic recovery.

The UN Economic and Social Council (ECOSOC) President, Ambassador Munir Akram of Pakistan, has renewed his call for ensuring equitable access and distribution of the coronavirus vaccine, saying it was "vital" to control the deadly pandemic and for quick recovery of the virus-hit world economy.

"If the vaccine is not available through a large part of the developing world, the virus will roam and return, triggering periodic shutdowns," he said, while pointing out that it would further impede the economic recovery in the developing countries and slow down the global recovery.

In a virtual address to a session of the Geneva-based Intergovernmental Group of Experts on Financing for Development, Ambassador Akram stressed the need for fully supporting the COVAX Facility for vaccine distribution by funding the 20 billion shortfall as soon as possible.

The fourth session on "Financing for Development: Towards a more coherent and consistent multilateral system: Priority policy proposals" was organized by the Pakistan Mission to the U.N. in Geneva, presided over by Ambassador Khalil Hashmi.

In his remarks from New York, Ambassador Akram said that developing countries needed fiscal space and significant additional liquidity for the revival of economy.

In this regard, he said action was need on Pakistan Prime Minister Imran Khan's five-point proposal which calls for equitable supply of COVID-19 vaccine to developing countries and suspension of debt repayments for most stressed countries until end of pandemic.

The ECOSOC chief said the G-20 industrialized countries' Debt Service Suspension Initiative (DSSI) was welcome but wasn't enough as it should be extended to cover all distressed developing countries, including the Small Island Developing States (SIDS).

No solutions were in sight for a large part of the debt owed to private sector, Ambassador Akram said, adding some sort of an understanding should be reached with the credit rating agencies to enable that sector to participate.

He called for new guidelines for debt resolution, including a more universal framework in the shape of an international debt authority, as has been discussed in the United Nations Trade and Development (UNCTAD).

Ambassador Akram said the requirement for transparency should not become a precondition for help to the developing countries.

Noting that debt solution may be a slow process, he suggested provision of larger concessional financing from Multilateral development banks...