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Does Pandemic Debt Relief Work?

Rather than pursue more debt relief to help the developing world weather the COVID-19 crisis, rich countries should provide pandemic-related necessities directly. Debt relief is so imprecise a mechanism that it is as likely to benefit private-sector creditors as it is to help the poor.

WASHINGTON, DC – The COVID-19 pandemic has spread globally and will not be over until it has been brought under control everywhere. Hence, international efforts are underway to support the world’s poorest countries. COVAX, a multilateral initiative organized by the World Health Organization and Gavi, the Vaccine Alliance, is arranging purchases of vaccines to be distributed equitably to developing countries.