Role of International Financial Institutions in Pandemic Treaty

Kiran Bhatt; Aniruddha Inamdar; Sanjay Pattanshetty; Helmut Brand; Vijay Kumar Chattu

Role of International Financial Institutions in Pandemic Treaty

Kiran Bhatt^*, Aniruddha Inamdar^*, Sanjay Pattanshetty^*, Helmut Brand^*, Vijay Kumar Chattu^*

^*Corresponding author for this work

Research output: Contribution to journal › Editorial › Academic

Abstract

The COVID-19 pandemic has pushed the global economy into a multisectoral crisis. The situation demanded that nation states respond swiftly by formulating funding mechanisms. However, most economies lacked adequate funds for the pandemic response, which led to the international financial institutions’ involvement in the response and recovery operations. This article delves into the various measures taken by the IFIs duringthepandemicby inspecting them through a theoretical lens of liberal institutionalism, which emphasises collective and coordinated action.

Original language	English
Pages (from-to)	26-30
Number of pages	5
Journal	Economic and Political Weekly
Volume	58
Issue number	33
Publication status	Published - 19 Aug 2023

Cite this

@article{d964f30b521f4ffc945ed97eb4200ee7,

title = "Role of International Financial Institutions in Pandemic Treaty",

abstract = "The COVID-19 pandemic has pushed the global economy into a multisectoral crisis. The situation demanded that nation states respond swiftly by formulating funding mechanisms. However, most economies lacked adequate funds for the pandemic response, which led to the international financial institutions{\textquoteright} involvement in the response and recovery operations. This article delves into the various measures taken by the IFIs duringthepandemicby inspecting them through a theoretical lens of liberal institutionalism, which emphasises collective and coordinated action.",

author = "Kiran Bhatt and Aniruddha Inamdar and Sanjay Pattanshetty and Helmut Brand and Chattu, {Vijay Kumar}",

note = "Funding Information: The IMF was one of the best-resourced IFIs, with multiple avenues for respond ing to the pandemic. One such measure was approving debt service relief in April 2020 by the executive board to 29 low-income member states. It also suc cessfully revamped the Catastrophe Con tainment and Relief Trust (CCRT) in response to the pandemic and allowed for grants for debt payments for the identified members (IMF 2021). The fund established the CCRT in 2015, intending to enable it to cover assistance during a fast-spreading health crisis. Under the initiative, the IMF joins other international debt relief efforts to assist developing countries in fighting against public health disasters. In the starting stage, the funding for trust was financed from the then existing post-Catastrophe Debt Relief Trust (predecessor of the CCRT), but later the IMF sought bilateral grants. The first instance of the trust extending assistance was seen in 2015 when it disbursed $100 million for Ebola-affected countries (IMF 2017).",

year = "2023",

month = aug,

day = "19",

language = "English",

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pages = "26--30",

journal = "Economic and Political Weekly",

issn = "0012-9976",

publisher = "Economic and Political Weekly",

number = "33",

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TY - JOUR

T1 - Role of International Financial Institutions in Pandemic Treaty

AU - Bhatt, Kiran

AU - Inamdar, Aniruddha

AU - Pattanshetty, Sanjay

AU - Brand, Helmut

AU - Chattu, Vijay Kumar

N1 - Funding Information: The IMF was one of the best-resourced IFIs, with multiple avenues for respond ing to the pandemic. One such measure was approving debt service relief in April 2020 by the executive board to 29 low-income member states. It also suc cessfully revamped the Catastrophe Con tainment and Relief Trust (CCRT) in response to the pandemic and allowed for grants for debt payments for the identified members (IMF 2021). The fund established the CCRT in 2015, intending to enable it to cover assistance during a fast-spreading health crisis. Under the initiative, the IMF joins other international debt relief efforts to assist developing countries in fighting against public health disasters. In the starting stage, the funding for trust was financed from the then existing post-Catastrophe Debt Relief Trust (predecessor of the CCRT), but later the IMF sought bilateral grants. The first instance of the trust extending assistance was seen in 2015 when it disbursed $100 million for Ebola-affected countries (IMF 2017).

PY - 2023/8/19

Y1 - 2023/8/19

N2 - The COVID-19 pandemic has pushed the global economy into a multisectoral crisis. The situation demanded that nation states respond swiftly by formulating funding mechanisms. However, most economies lacked adequate funds for the pandemic response, which led to the international financial institutions’ involvement in the response and recovery operations. This article delves into the various measures taken by the IFIs duringthepandemicby inspecting them through a theoretical lens of liberal institutionalism, which emphasises collective and coordinated action.

AB - The COVID-19 pandemic has pushed the global economy into a multisectoral crisis. The situation demanded that nation states respond swiftly by formulating funding mechanisms. However, most economies lacked adequate funds for the pandemic response, which led to the international financial institutions’ involvement in the response and recovery operations. This article delves into the various measures taken by the IFIs duringthepandemicby inspecting them through a theoretical lens of liberal institutionalism, which emphasises collective and coordinated action.

M3 - Editorial

SN - 0012-9976

VL - 58

SP - 26

EP - 30

JO - Economic and Political Weekly

JF - Economic and Political Weekly

IS - 33

ER -