As COVID-19 vaccines are rolled out globally, the number one question for many countries is how much it will cost to procure and deploy the vaccines. Currently, COVAX only covers 20% of the vaccine purchase price for 92 eligible low- and middle-income countries.
While the question “how much?” is a legitimate one to consider, especially given the fiscally constrained environment, another critical question— “how to?”—requires careful attention as well. For this, PFM becomes highly relevant as it supports the last mile distribution of a predominantly publicly funded and managed public good.
This article describes PFM’s “stress points” in each phase of the budget cycle: Budget planning and formulation; Budget execution and spending modalities; Expenditure reporting and accountability that may arise throughout the vaccine roll-out. The article also uses country examples to illustrate possible ways to overcome these barriers.
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