Terms of Reference

Goal:

This joint initiative of the International Monetary Fund, World Bank Group, World Health Organization, and World Trade Organization aims to support the roll out of COVID-19 tools by leveraging multilateral finance and trade solutions, particularly for low and middle-income countries. It supports the goals of ACT-Accelerator and complementary initiatives in the delivery of COVID-19 diagnostics, vaccines, therapeutics, and PPE. The Task Force will bring finance and trade related obstacles to the attention of national leaders and other stakeholders to support priorities set out by IMF, WBG, WHO and WTO  in the IMF discussion note "A Proposal to End the COVID-19 Pandemic” , the joint Leaders op-ed, and in subsequent statements.

Membership:

• Leadership: IMF, WBG, WHO, WTO.
• WBG and WHO will serve as co-Chair and co-Secretariat.
• Invitees: include Regional Development Banks, ACT-Accelerator partners and Pillars including COVAX, AVATT and other relevant stakeholders for specific meetings and topics.

Five priority areas:

• Financing. Track and address aggregate financing gaps for the supply and delivery of COVID-19 tools to low and low-middle income countries, including for COVAX, and make progress on closing them, drawing on the work of the respective institutions. IMF to coordinate.
• Trade. Understand and address financial or trade issues to contribute to supply chain bottlenecks, including by removing export restrictions, expediting border clearances and streamlining regulatory processes to optimize the cross-border flows of COVID-19 related essential goods. WTO to coordinate.
• Advocacy. Issue joint statements and opinion pieces to promote greater access to COVID-19 tools for low and middle-income countries through enhanced dose-sharing, contract and delivery transparency, and urgent action on export restrictions, financing gaps and production and distribution. Secretariat to coordinate with all agencies.
• Support to Delivery. Consider partner data on country readiness, product requests, contracts, deliveries of vaccines, therapeutics and diagnostics. Review barriers to the combined efforts of COVAX, the African Union (AU), bilateral deals and donations to optimize supply and delivery. Coordinate efforts to address gaps in financing readiness and delivery obstacles so countries are positioned to receive, deploy and administer vaccines. WBG and WHO to coordinate.
• Support to Manufacturing. Examine obstacles to expanding production of COVID-19 vaccines for low-and middle-income countries and build coalitions to invest and build capacity in vaccine production in low-and middle-income countries with a focus on financing requirements and potential trade barriers. WHO and WBG, in coordination with WTO.

Overall coordination:

The WBG and WHO will convene regular meetings of the Task Force bringing all elements together in an effective strategy that allows multilaterals to deliver on a rapid and coordinated response and to address key finance and trade issues, including in the area of concessional financing.  At each meeting, members will update on relevant areas of responsibility. The Task Force will coordinate with ACT-Accelerator and communicate high-level priorities to stakeholders, including to G7 and G20.