The world could “end the pandemic” in mid-2022 by vaccinating 60 percent of the population at a cost of $50 billion, the IMF has said, as rich countries and vaccine manufacturers pledged to address the inequality undermining the global response to coronavirus.

Countries with sufficient vaccine supplies could afford to donate 1 billion doses in 2021, even while continuing to prioritise the immunisation of their own populations against Covid-19, the IMF said in its report released at a virtual G20 Health Summit on Friday.

Combined with upfront financing, the vaccine donations would bring a faster end to the pandemic, saving millions of lives and yielding economic benefits of about $9tn to global gross domestic product by 2025, it estimated.