Government: "Providing $100 Million Cash to COVAX This Year and $100 Million in Vaccines Next Year" (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] The government plans to provide $100 million in cash this year to the COVAX Advance Market Commitment (COVAX AMC), which supplies vaccines to developing countries with funds donated by advanced countries, and to additionally provide $100 million worth of vaccines and other in-kind support next year.

On the 14th, Son Young-rae, head of the Social Strategy Division at the Central Disaster and Safety Countermeasures Headquarters (CDSCH), stated at a regular briefing regarding contributions to the COVAX advance purchase, "This year, we will provide $100 million in cash, and next year, we plan to provide an additional $100 million mainly in-kind."

The day before, the government announced at the G7 Summit that it would significantly increase its contribution to the COVAX advance purchase from five times the existing amount to twenty times. It was explained that this active contribution plan was expressed to lay the foundation for inclusive recovery in the international community and to expand future international cooperation and roles.

The government added that this increase in contributions aims to achieve stable domestic vaccine supply and domestic vaccine development through cooperation with the international community, and to contribute to overcoming COVID-19 worldwide as a member of the international community by producing vaccines.

Son said, "What is most needed currently (in developing countries) is vaccines, so the $100 million worth of in-kind support next year will primarily be vaccines," and added, "Support for masks, therapeutics, protective equipment, and others besides vaccines will be discussed if necessary."

Meanwhile, on the 13th (local time), G7 leaders agreed at the summit held at Carbis Bay in Cornwall, UK, to promote vaccine distribution to end the COVID-19 pandemic.

These countries (the United States, the United Kingdom, France, Germany, Italy, Canada, and Japan) announced that they would secure and donate an additional 1 billion doses of COVID-19 vaccines within the next 12 months. South Korea, India, Australia, and South Africa participated as invited countries.