SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD APR 05
MCX SILVER MAR 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD APR 05
MCX SILVER MAR 05
MCX CRUDEOIL MAR 19
MCX NATURALGAS MAR 26
USD/INR
EUR/INR
GBP/INR
JPY/INR

Sensex ends 750 points higher, Nifty above 14,750; auto, metal sectors lead gains

Asian stocks slip as global rally skids on inflation fears

Oil prices climb after progress on huge US stimulus bill

Rupee slumps 29 paise to 73.76 against US dollar in early trade

WHO agrees compensation fund for serious COVAX vaccine side effects

Updated : February 23, 2021 03:49 PM IST

The World Health Organization has agreed a no-fault compensation plan for claims of serious side effects in people in 92 poorer countries due to get COVID-19 vaccines via the COVAX sharing scheme, resolving a big concern among recipient governments.

The programme, which the WHO said was the first and only vaccine injury compensation mechanism operating on an international scale, will offer eligible people "a fast, fair, robust and transparent process", the WHO said in a statement.

"By providing a no-fault lump-sum compensation in full and final settlement of any claims, the COVAX programme aims to significantly reduce the need for recourse to the law courts, a potentially lengthy and costly process," the statement said.

Questions of how compensation claims would be handled in the event of any serious COVID-19 vaccine side effects, which are likely to be very rare, had been a worry for countries due to get COVID-19 shots via the COVAX plan.

Countries funding their own COVID-19 vaccine procurement also plan their own liability programmes.

The WHO-agreed plan, which has been under discussion for several months, is designed to cover serious side effects linked to any COVAX-distributed vaccines until June 30, 2022, to COVAX's Advance Market Commitment-eligible economies - a group of 92 poorer states which includes most African and Southeast Asian countries.

The programme will be financed initially from donor funding to the AMC as an extra charge on all doses of COVID-19 vaccines distributed through COVAX. Applications can be made via a portal at http://www.covaxclaims.com from March 31, 2021, the WHO said.

Seth Berkley, chief executive of the GAVI vaccine alliance which co-leads COVAX, said the agreement on the compensation fund was "a massive boost" for COVAX, which aims to secure equitable global access to COVID-19 vaccines.

"It helps those in countries who might have such effects, manufacturers to roll out vaccines to countries faster, and is a key benefit for lower-income governments procuring vaccines through (COVAX)," Berkley said.

The WHO said it was also working with the insurance firm Chubb to secure insurance coverage for the programme.

You May Also Like

COVID vaccination drive: Day 1 is always difficult day, rollout will improve over time, says Narayana Health's Viren Shetty

COVID vaccination drive: Day 1 is always difficult day, rollout will improve over time, says Narayana Health's Viren Shetty

Coronavirus LIVE: PM Modi, VP Naidu, senior leaders take 1st dose of COVID-19 vaccine

Coronavirus LIVE: PM Modi, VP Naidu, senior leaders take 1st dose of COVID-19 vaccine

Maharashtra sees over Rs 1 lakh cr investments despite lockdown: Governor

Maharashtra sees over Rs 1 lakh cr investments despite lockdown: Governor

Trending on CNBC-TV18

Live TV

recommended for you