FINANCE Minister Tito Mboweni has confirmed government’s plans to pay R500 million to take part in the development of a COVID-19 vaccine.
South Africa has recorded the most coronavirus infections on the African continent, with more than 760,000 confirmed cases and more than 20,000 deaths to date.
The pandemic and associated lockdowns have left South Africa’s economy in tatters.
Speaking during a Bloomberg webinar on Tuesday, Mboweni said he was worried about the effect of a second surge on the economy but felt confident that the nation was well placed to benefit from a successful vaccine.
A coronavirus vaccinem developed by drug firm AstraZeneca and Oxford University, has shown 70% effectiveness in trials involving 23 000 people.
The results ranged between 62 and 90% efficacy depending on the vaccine dosage, according to a statement by the firm on Monday.
Tests are being carried out in the United States, Japan, Russia, South Africa, Kenya and Latin America, with more trials planned in other European and Asian countries.
Mboweni said the funds earmarked for vaccine development will put South Africa at the top of the list when a vaccine is approved.
“South Africa is in a very fortunate position that we have been invited to take part in a consortium. Already a decision has been made that South Africa is paying R500 million to participate in the process of the production of the vaccine so that we can be in the frontline of those who can receive the vaccine,” Mboweni explained.
“The Minister of Health is very happy about it and it’s very rare that any minister is happy with the Minister of Finance. So R500 million is in the pocket, in the consortium. South Africa will be participating as one of the few emerging market countries.”
Mboweni said Treasury will top this up with a further R4.5 billion.
“We’ll be short of some R4.5 billion which we will put in the new budget process,” Mboweni added.
United States pharmaceutical giant Pfizer and its German partner, BioNtech, as well as Moderna are ahead in the race for a vaccine.
But there are no guesses when any of these vaccines will eventually be the first to be given the green light.
South Africa has paid 500 million rand ($33 million) to the Covax program, which strives to supply low- and middle-income countries with proven Covid-19 vaccines to ensure equitable access around the world, according to Finance Minister Tito Mboweni.
Mboweni said he will find a further 4.5 billion rand from the budget to make sure South Africa has an adequate supply and is at “the front of the queue” when vaccines become available. There may also be scope to help some neighbors, he said.
“South Africa is in the fortunate position that we have been invited to participate in the consortium that is looking for this vaccine,” Mboweni said at the Bloomberg Invest Africa virtual conference Tuesday. “I just hope that we do not face a second wave of the pandemic.”
The global Covax alliance has raised more than $2 billion and secured deals for roughly 700 million doses so far.
FINANCE Minister Tito Mboweni has confirmed government’s plans to pay R500 million to take part in the development of a COVID-19 vaccine.
South Africa has recorded the most coronavirus infections on the African continent, with more than 760,000 confirmed cases and more than 20,000 deaths to date.
The pandemic and associated lockdowns have left South Africa’s economy in tatters.
Speaking during a Bloomberg webinar on Tuesday, Mboweni said he was worried about the effect of a second surge on the economy but felt confident that the nation was well placed to benefit from a successful vaccine.
A coronavirus vaccinem developed by drug firm AstraZeneca and Oxford University, has shown 70% effectiveness in trials involving 23 000 people.
The results ranged between 62 and 90% efficacy depending on the vaccine dosage, according to a statement by the firm on Monday.
Tests are being carried out in the United States, Japan, Russia, South Africa, Kenya and Latin America, with more trials planned in other European and Asian countries.
Mboweni said the funds earmarked for vaccine development will put South Africa at the top of the list when a vaccine is approved.
“South Africa is in a very fortunate position that we have been invited to take part in a consortium. Already a decision has been made that South Africa is paying R500 million to participate in the process of the production of the vaccine so that we can be in the frontline of those who can receive the vaccine,” Mboweni explained.
“The Minister of Health is very happy about it and it’s very rare that any minister is happy with the Minister of Finance. So R500 million is in the pocket, in the consortium. South Africa will be participating as one of the few emerging market countries.”
Mboweni said Treasury will top this up with a further R4.5 billion.
“We’ll be short of some R4.5 billion which we will put in the new budget process,” Mboweni added.
United States pharmaceutical giant Pfizer and its German partner, BioNtech, as well as Moderna are ahead in the race for a vaccine.
But there are no guesses when any of these vaccines will eventually be the first to be given the green light.
South Africa has paid 500 million rand ($33 million) to the Covax program, which strives to supply low- and middle-income countries with proven Covid-19 vaccines to ensure equitable access around the world, according to Finance Minister Tito Mboweni.
Mboweni said he will find a further 4.5 billion rand from the budget to make sure South Africa has an adequate supply and is at “the front of the queue” when vaccines become available. There may also be scope to help some neighbors, he said.
“South Africa is in the fortunate position that we have been invited to participate in the consortium that is looking for this vaccine,” Mboweni said at the Bloomberg Invest Africa virtual conference Tuesday. “I just hope that we do not face a second wave of the pandemic.”
The global Covax alliance has raised more than $2 billion and secured deals for roughly 700 million doses so far.
(SOURCE: INSIDE POLITICS. Additional reporting by news agencies)
