A new IMF rapid credit window could provide some $30 billion to cover the vaccine financing needs for most developing countries through 2021–22. The mechanism would facilitate collective action to negotiate increased production, the main obstacle to achieving vaccine coverage and rectifying the gross inequities in current distribution. It would remain in placefor future global pandemic responses.COVID-19 vaccine production lags far behind demand, especially from developing countries.

Low- and middle-income countries (not counting China and India)—some 3.6 billion people—will not have full access to vaccine until beyond 2022, leading to tragic loss of life, a delayed global economic recovery, and increased risk of new variants extending the worldwide pandemic. This outcome rep￾resents a major failure of international cooperation. It results from an inadequate advance ramp-up in global production, and inadequate initial financing. The IMF can play its part in addressing these two shortcomings by urgent redesign of its main rapid response instrument to be even more effective than it was in 2020. For the still urgent needs of this pandemic—and for the future—it could provide immediate financing to bolster initiatives, including along the lines of COVAX, that empower develop￾ing countries with greater collective clout to negotiatethe required increase in production.

We propose a new “Multilateral Vaccine Purchase (MVP)” window within the IMF’s Rapid Financ￾ing Instrument (RFI) and its concessional equivalent, the Rapid Credit Facility (RCF). Countries could access up to 25% of IMF quota under this window annually, 50% cumulatively, for advance vac￾cine purchase. These amounts would be in addition to other access under the RFI/RCF (currently 100% annual/150% cumulative under the regular and exogenous shocks windows; and 80%/133% under Vaccine Financing: How a Redesigned IMF Instrument Can Provide a Shot in the Arm for the Global Pandemic Response John Hicklin and Hannah Brown 2 VACCINE FINANCINGthe natural disaster window). The MVP window would remain in place for future pandemic need. It would be available to all member countries, though demand would be expected to come mainly from low- and middle-income countries.