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The cash infusion will go to support the COVAX program, co-run by the World Health Organization, to distribute vaccines to low- and middle-income countries.
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The agency, also known as the United Nations Children's Fund, plans to distribute up to 1 billion syringes by 2021.
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The Chinese foreign ministry said it took this step "to uphold the concept of a shared community of health for all and to honor its commitment to turn COVID-19 vaccines into a global public good."
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In a speech to the U.N. General Assembly, the president once again sought to blame China for the COVID-19 pandemic and called on Beijing to be punished for its handling of the disease.