By Simon Reid-Henry, Reader in Geography and Director, Institute for Humanities and Social Sciences, Queen Mary University of London
This blog* is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.
The COVID-19 response has highlighted the international need for an ongoing pool of public money and explains how Global Public Investment (GPI) would work.
It has been heartening this June to watch the latest Gavi (the Vaccine Alliance) pledging round raise US$8.8 billion, partly in response to COVID-19. It would be more heartening if we didn’t have to live on tenterhooks always, unsure if the goodwill to meet this or that international need will eventually be found. Or whether, as with the US’ denial of contributions to the World Health Organization, it might even be withdrawn.
What is Global Public Investment?
This is the idea behind Global Public Investment (GPI): a system of fixed and multi-directional international fiscal allocations. Think of it as a way of funding global public goods, like a COVID-19 vaccine, or of meeting already agreed international commitments like the Sustainable Development Goals. Either way, GPI would fill a modest but important niche by providing a common pool of public money internationally. Continue reading