The UK is a longstanding supporter and funder of international development, with a strong commitment to achievement of the 2030 Sustainable Development Goals.. The current government’s manifesto reconfirms the commitment to international development as well as to ending preventable deaths of mothers, newborns and children by 2030. The UK ensures value for money for taxpayers of all its investments and therefore DFID (since Sept 2020, the FCDO) conducts occasional Multilateral Development Reviews (MDR), which assesses the major multilateral agencies that the UK funds. The 2016 MDR concluded that GAVI was one of the top performers. In addition, FCDO conducts annual reviews of the UK investments in Gavi, PCV AMC and IFFIm.
The UK is one of Gavi’s six original donors and one of two donor countries that support Gavi through all four funding channels (direct grants, IFFIm, PCV AMC and COVAX AMC).
The UK hosted Gavi’s 4 June 2020 replenishment conference, the Global Vaccine Summit, where the Prime Minister pledged £1.65bn to Gavi over 5 years, of which £290m is 2021-2025 IFFIm proceeds. At the same event, the Secretary of State pledged $60.6m of remaining PCV AMC funds to the COVAX AMC. At UNGA in September 2020, the Foreign Secretary pledged a further £500m to the COVAX AMC. At the G7 Summit in Cornwall 2021, hosted by the UK as President of the G7, the Prime Minister announced that the UK would donate 80 million doses via COVAX before the end of 2022 in order to expand access among the world’s poorest countries.
Proceeds are funds made available to Gavi from donor contributions and commitments, either through cash payments made to Gavi, through frontloading via the capital markets of a future donor commitment to IFFIm, or through AMC funds released to Gavi via the World Bank. IFFIm proceeds are allocated over five-year periods coinciding with Gavi’s strategic periods. Proceeds for the current and future strategic periods are indicative until the end of each period and could be revised following changes in market conditions (interest rates or foreign exchange rates), the signing of new pledge(s) and/or changes in IFFIm’s disbursement profile.
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Direct Contributions (including Matching Fund)
Received contributions: non-US$ contributions for 2000-2020 and Q1-Q2 2021 are expressed in US$ equivalents using the exchange rates on the dates of receipt. For 2014-2020 and Q1-Q2 2021 where contributions were hedged to mitigate currency risk exposure, these have been expressed using the rates applicable to the hedge agreement.
Future contributions (for pledges made prior to the June 2020 donor pledging conference): non-US$ Direct Contribution and Matching Fund pledges for Q3-Q4 2021 and years 2022 and beyond are expressed in US$ equivalents using the applicable forecast rates from Bloomberg as at 30 June 2021 or using the rates applicable to any hedge agreement in place.
Future contributions (for pledges at the June 2020 donor pledging conference): non-US$ Direct Contribution and Matching Fund pledges for Q3-Q4 2021 and for years 2022 and beyond are expressed in US$ equivalents using the spot rates from Bloomberg as at 30 June 2021 or using the rates applicable to any hedge agreement in place.
Received contributions: non-US$ contributions for 2000-2020 and for Q1-Q2 2021 are expressed in US$ equivalents as confirmed by the IBRD (World Bank)
'Future contributions: non-US$ contributions for Q3-Q4 2021 and for years 2021 and beyond are expressed in US$ equivalents as follows:
For signed contribution agreements: contributions are expressed in US$ equivalents using the exchange rates at the time of signing the respective donor grant agreements.
For contribution agreements not yet signed: contributions are expressed in US$ equivalents using the applicable spot rates from Bloomberg as at 30 June 2021
Due to IFFIm’s nature as a frontloading vehicle, yearly contributions paid into IFFIm can differ significantly from yearly proceeds transferred to Gavi.
'While IFFIm grants are irrevocable and legally binding, they are subject to a Grant Payment Condition that can potentially reduce the amount due by the donor in the event that a Gavi-supported programme country is in protracted arrears with the International Monetary Fund. As of 29 June 2021, there is no longer any reduction applied, as all countries from the reference portfolio have cleared their arrears with the IMF.