AT a time when global partnership and solidarity is imperative, Guyana is concerned that developing countries are presented with challenges pertaining to the equitable distribution of and access to adequate supplies of COVID-19 vaccines.

This is coupled with the economic destruction brought about by the COVID-19 pandemic on vulnerable counties, thus the need for affordable and adequate access to vaccines by these nations is of utmost importance.

These were the sentiments shared by Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, at the United Nations Economic and Social Council (ECOSOC) Special Segment on Financing for Recovery from COVID-19.

“COVID-19 has wreaked more havoc worldwide than any public health issue in living memory, exacerbating pre-existing systemic challenges in the global economy. The unavoidable consequence has been widespread economic contraction and sharp reversal of previous hard-won development gains,” he said.

He noted that developing countries, including Small Island Developing States (SIDS) and low-lying coastal states such as Guyana, are still grappling with various pre-existing economic challenges, while in addition, has to now confront the harsh and lasting socio-economic impact of the COVID-19 pandemic.

“In Guyana’s case, our total revenues declined by 5.5 per cent while total expenditure increased by 15.2 per cent in 2020. The Central Government fiscal deficit expanded to 9.4 per cent of GPD in 2020 from 2.8 per cent in 2019. COVID-19 is costing our economy,” Dr Singh said.

However, the minister explained that the country has, from the inception of the pandemic, expended a great magnitude of resources in handling the situation, while
“grappling with the reduction in the scarce liquidity, a tightening of fiscal space, sharp increases in debt and dwindling external financial flows.”

At this juncture, the toll on the economy is expected to only increase further as the country adjust to the new normal, and in the face of the economic challenges, more resources are needed now more than ever to confront the pandemic.

“More resources are now required to co-ordinate health responses, ensure equitable access to healthcare and invest in recovery, global partnership and solidarity are more critical now than ever before,” Dr. Singh told the forum.

The minister explained that the “immediate and most urgent” challenge is stemming the pandemic, and urged that steps be taken to ensure vulnerable countries have equitable access to vaccines.

“In this regard, Guyana is concerned that developing countries are encountering hurdles in accessing adequate supplies of vaccines at affordable prices and on fair terms,” he said.

He explained that achieving herd immunity is critical to economic recovery and emphasised the need to ensure affordable and adequate access to vaccines, as it is only possible through vaccination.

Dr. Singh also highlighted that the global community has entered the last decade before expected delivery of the United Nations (UN) Sustainable Development Goals (SDGs) at a uniquely challenging time in human history.

He noted that Guyana recommends a global stock taking exercise in early 2022 to assess how the pandemic has impacted the SDGs and the trajectory to 2030.

“Guyana stands in solidarity with all countries facing the multiple challenges occasioned by the COVID-19 pandemic, particularly the most vulnerable countries, and reiterates the call for global will to be mustered to take concerted action urgently to ensure that these countries receive the necessary support to recover and rebuild,” Dr. Singh said.