Mboweni: R500 million ‘in the pocket’ for SA Covid-19 vaccine
Finance Minister Tito Mboweni has confirmed government’s plans to pay R500 million to take part in the development of a Covid-19 vaccine.
Mboweni was speaking at a roundtable discussion with Bloomberg on Tuesday when he revealed the news.
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.”
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Mboweni says 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.
Listen to Mboweni below:
