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G20: Equal Access to Vaccines is Key to Overcoming Pandemic

G20: Equal Access to Vaccines is Key to Overcoming Pandemic
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G20: Equal Access to Vaccines is Key to Overcoming Pandemic

G20: Equal Access to Vaccines is Key to Overcoming Pandemic

Equitable and affordable access to vaccines for all is key to overcoming the coronavirus pandemic and supporting the global economic recovery, the G20 Finance and Health ministers said on Thursday.

"We will continue to use all available policy tools to safeguard people's lives, jobs and incomes, support the global economic recovery, and enhance the resilience of health and financial systems, while safeguarding against downside risks," the ministers said in a statement following a joint meeting under the Saudi G20 leadership.

They pledged to “work together to lay the foundation for targeted actions to help respond to the most immediate challenges posed by the COVID-19 pandemic and ensure that the world is better prepared to curb the impact of future health-related crises in line with One Health Approach.”

Furthermore, they said they “will integrate the economic risks of pandemics, drug resistant infectious diseases, noncommunicable diseases and high-impact tail risks more systematically into the G20’s global risk monitoring and preparedness.”

The statement added that an action plan will be presented at the G20 finance ministers and central bank governors meeting in October and to the G20 leaders' summit in November.

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Türkiye's Central Bank Raises Inflation Forecasts, Vows Tight Policy

FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
TT
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Türkiye's Central Bank Raises Inflation Forecasts, Vows Tight Policy

FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa

Türkiye's central bank raised its year-end inflation forecasts for this year and next to 44% and 21% respectively on Friday, and Governor Fatih Karahan vowed to keep policy tight to propel the disinflation process and hit targets.

The bank's previous inflation report three months ago forecast year-end inflation of 38% in 2024 and 14% next year, Reuters reported. The revision underlines its tougher-than-expected battle against inflation that began with aggressive rate hikes 18 months ago.
Presenting a quarterly update in Ankara, Karahan cited improvement in core inflation trends even as service-related price readings are proceeding slower than anticipated. But even in that sector, inflation is gradually losing momentum, he said.
"We will decisively maintain our tight monetary policy stance until price stability is achieved," he said. "As the stickiness in services inflation weakens, the underlying trend of inflation will decline further in 2025."
October inflation remained loftier than expected, dipping only to 48.58% annually on the back of tight policy and so-called base effects, down from a peak above 75% in May.
Monthly inflation - a gauge closely monitored by the bank for signs of when to begin rate cuts - rose by 2.88% in the same period on the back of clothing and food prices.
The bank has hiked rates by 4,150 basis points between June 2023 and March 2024, to 50%, as part of an abrupt shift to orthodox policy after years of low rates aimed at stoking growth.

President Recep Tayyip Erdogan, who in past years was viewed as influencing monetary policy, had supported the previous unorthodoxy. It triggered a series of currency crashes and sent inflation soaring.

Erdogan was quoted on Friday as telling reporters that "no one should doubt" the steady decline in inflation and that economic steps would continue with discipline and determination to ease price pressures.

The central bank warned last month that a bump in recent inflation readings increased uncertainty, prompting analysts to delay expectations for the first rate cut to December or January.

Karahan said the new inflation forecasts were based on maintaining tight policy, adding the bank would do "whatever is necessary" to wrestle inflation down, and pointing to what he called a significant fall in the annual rate since May.

He said the slowdown in domestic demand continues at a moderate pace and the output gap has continued to decline in the third quarter.