According to a new report, The immediate introduction of a Temporary Basic Income for the world’s poorest people could slow the current surge in COVID-19 cases by enabling nearly three billion people to stay at home.
The latest United Nations Development Programme (UNDP) report Temporary Basic Income: Protecting Poor and Vulnerable People in Developing Countries estimated that it would cost from $199 billion per month to provide a time-bound, guaranteed basic income to the 2.7 billion people living below or just above the poverty line in 132 developing countries.
“Unprecedented times call for unprecedented social and economic measures. Introducing a Temporary Basic Income for the world’s poorest people has emerged as one option. This might have seemed impossible just a few months ago,” said UNDP Administrator Achim Steiner.
The report concludes that the measure is feasible and urgently needed, with the pandemic now spreading at a rate of more than 1.5 million new cases per week, particularly in developing countries, where seven out of ten workers make a living through informal markets and cannot earn money if they are at home.
“Bailouts and recovery plans cannot only focus on big markets and big business. A Temporary Basic Income might enable governments to give people in lockdown a financial lifeline, inject cash back into local economies to help keep small businesses afloat, and slow the devastating spread of COVID-19,” he said.
A Temporary Basic Income would give them the means to buy food and pay for health and education expenses. It is also financially within reach: a six-month Temporary Basic Income, for example, would require just 12% of the total financial response to COVID-19 expected in 2020, or the equivalent of one-third of what developing countries owe in external debt payments in 2020.