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The world’s poorest countries should consider launching a massive programme of free cash handouts worth as much as $465 billion to help slow the spread of coronavirus, according to a report published Thursday by the United Nations Development Programme.
“It is urgent and fair to offer shock-resistant transfers” in the form of transitional money distributions, according to the report.
The UNDP report found that a key interim source of income would be between 0.27% and 0.63% of its combined gross domestic product.
He proposed 3 tactics imaginable to create a fundamental source of income in the poorest countries, which would charge at least $200 billion and up to $465 billion.
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A key source of six-month income would require only 12% of the overall monetary reaction to the pandemic.
“A key source of income from transience can enable governments to give others locked up a monetary lifeline, inject liquidity into local economies to keep small businesses afloat, and curb the devastating spread of COVID-19,” he said.
It would be problematic for countries to find a way to pay for this provision.
But UNDP said that a “total debt reduction,” or a debt suspension program, for countries to come could simply reallocate the budget they use to emergency measures to combat COVID-19.
In April, the Group of 20 Primary Economies called for a debt-service suspension initiative for poorer countries to handle the crisis.
Former 2020 US presidential candidate Andrew Yang and Dutch historian Rutger Bregman have been strong advocates of a universal fundamental income, only in times of crisis.
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