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Sitharaman highlights need to keep supply chains open for vaccine raw materials to combat Covid-19

PTI New York | Updated on October 19, 2021

Also talks of the need for an international financial architecture to fight the pandemic across the globe

Finance Minister Nirmala Sitharaman has highlighted the need for an international financial architecture to fight the Covid-19 pandemic across the globe, and stressed on the importance of keeping supply chains open for vaccine raw materials.

Sitharaman, participating in the 36th Annual G30 International Banking Seminar virtually here on Sunday, spoke on the panel about Financing the Commons, Climate and Pandemic Security, the Finance Ministry tweeted.

She “stressed on focused mobilisation and #equitableallocation of finances and #techsolutions to successfully harness the global #commongood of #climate and #pandemic security,” it said.

Financial instruments and architecture

Sitharaman highlighted the need for an international financial architecture to fight the pandemic across the globe, and supported new financial instruments to focus on and press forward green initiatives.

She underlined the need for the World Health Organisation (WHO) to be strengthened for a more effective response to new challenges.

Enhance supply chains

The Minister stressed on the need to keep open supply chains for vaccine raw materials, the Ministry said.

Also see: No alternative but to ensure universal availability of vaccines: Sitharaman

India has been highlighting the importance of enhancing the resilience of supply chains and greater engagement in the Indo-Pacific region, especially after the pandemic caused disruptions in the existing supply chains.

FM’s US visit

Sitharaman on Monday interacted with Arvind Panagariya, former Vice Chairman of Niti Aayog, and M Suresh Sundaresan from Columbia University, at a breakfast meeting during her visit to New York. Senior officials of the Government of India were also present.

The Permanent Representative of India to the United Nations, Ambassador T S Tirumurti, also called on Sitharaman.

The Finance Minister arrived here on Friday after her visit to Washington DC and addressed a gathering of women entrepreneurs of Indian-origin in New Jersey, where she spoke on India’s robust economic recovery and the road ahead and the opportunities India has to offer to the world.

In Washington, she participated in the annual meetings of the World Bank and the International Monetary Fund.

Sitharaman began her week-long US visit with a trip to Boston, where she met CEOs, addressed a roundtable meeting of investors and executives and addressed students and faculty at the Harvard Kennedy School.

Vaccine export

India, the world’s largest producer of vaccines overall, suspended exports of Covid-19 vaccines in April to focus on inoculating its own population following a sudden spike in infections.

Also see: India raises concern over climate financing, technology transfer

Last month, Union Health Minister Mansukh Mandaviya announced that India will resume export of supplies.

India said that it will resume export of surplus Covid-19 vaccines in the fourth quarter of 2021 under the ‘Vaccine Maitri’ programme and to meet its commitment to the COVAX global pool.

COVAX is a worldwide initiative aimed at equitable access to Covid-19 vaccines directed by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations, and the WHO.

Published on October 19, 2021

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