IMF, WORLD BANK LEADERS DISCUSS WAR-DRIVEN FOOD INSECURITY

Tue 19 April 2022:

As members of the International Monetary Fund and World Bank convene in Washington to discuss the terrible impacts of Russia’s war against Ukraine, they are focusing on the rising crises of food insecurity and skyrocketing food costs.

According to the Treasury Department, Treasury Secretary Janet Yellen will meet with leaders from the IMF, World Bank, Group of Seven, and Group of 20 global organizations on Tuesday morning to “call on international financial institutions to accelerate and deepen their response” to countries affected by food issues exacerbated by Russia’s aggression.

According to the United Nations, Russia and Ukraine produce 14 percent of the world’s wheat supply, and the loss of commodities as a result of the war has resulted in increasing food prices and uncertainty about the future of food security globally, particularly in impoverished countries.

According to the UN’s Food and Agriculture Organization, the Food Price Index has jumped the most since its foundation in 1990, showing an all-time high in the cost of vegetable oils, cereals, and meat.

According to a research released in late March by the organization, the global number of undernourished individuals might rise by 8 million to 13 million by 2020.

2023, “with the most pronounced increases taking place in Asia-Pacific, followed by sub-Saharan Africa, and the Near East and North Africa. If the war lasts, impacts will go well beyond 2022/23.”

Russia is a member of the G-20, which is made up of representatives of industrial and emerging-market nations, but Treasury said that Russians would not be participating in the session on food security.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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