Seeing that the ongoing catastrophic second wave of coronavirus in India is a signal that the worst may be yet to come, the International Monetary Fund (IMF) has said that the situation in the country is a warning of the possible events in low- and middle-income nations that have apparently escaped the pandemic till now. “The ongoing catastrophic second wave in India, following a terrible wave in Brazil, is a sign the worst may be yet to come in the developing world,” it said.
Quoting key points, a report co-authored by IMF economist Ruchir Agarwal together with its Chief Economist Gita Gopinath on Friday also said that under the business-as-usual scenario, the vaccine coverage in India is expected to remain under 35 per cent of the population by the end of 2021. In its report, the IMF said that an urgent focus should be to eliminate constraints on cross-border exports of critical raw materials and finished vaccines. Free cross-border flow of vaccine inputs and supplies is essential for the world to achieve its vaccination targets without delay.
"India is a warning of possible events in other low- and middle-income countries that so far have seemingly escaped the pandemic, including in Africa,” it said. While India’s health system held up fairly well in the first wave, this time its health system is so overwhelmed that many people are dying because of a lack of medical supplies like oxygen, hospital beds, and medical care, the report said.
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