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Needed: Global Risk Pooling Reserve Fund

According to the World Bank, 60 million people worldwide will fall back into extreme poverty as a result of the severe economic crisis unleashed by Sars-CoV-2

Topics
Coronavirus | World Bank  | International Monetary Fund

Arunabha Ghosh 

Arunabha Ghosh

In the 75th year of the United Nations, few are waving the flag of multilateralism. As argued on these pages, the Covid-19 pandemic has created a strong likelihood that countries will fall back to insular approaches (“This is what a perfect storm looks like”, March 17; https://bit.ly/2ZmEewK) and there will be limited scope for grand bargains (“New multilateralism with old paradigms?” April 17; https://bit.ly/3cOX6rY). But international cooperation is still possible — to avoid common aversions, catastrophes we all wish to avoid. We can pool resources for collective insurance against calamities in future. We need a global risk pooling reserve fund.

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First Published: Tue, May 26 2020. 23:58 IST
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