Texas

The Global Finance Summit focuses on the war-torn food insecurity

WASHINGTON – Global financial leaders are focusing on the growing crisis over food insecurity and soaring food prices as members of the International Monetary Fund and the World Bank meet in Washington to fight the brutal consequences of Russia’s war against Ukraine.

Finance Minister Janet Yellen convenes a meeting Tuesday morning with leaders from the IMF, the World Bank, the Group of Seven and the Group of 20 Global Organizations to “call on international financial institutions to speed up and deepen their response” to countries affected by food problems , exacerbated by Russia’s aggression, said the Ministry of Finance.

Advertising

Russia and Ukraine produce 14% of the world’s wheat supplies, according to the United Nations, and the loss of goods due to the war has led to rising food prices and uncertainty about the future of global food security, especially in poor countries.

The Food and Agriculture Organization’s Food Price Index has made its biggest leap since its inception in 1990, reflecting the highest prices for vegetable oils, cereals and meat, according to the organization.

A report from the end of March of the organization states that the global number of malnourished people may increase by 8 million to 13 million people in 2023, “with the most pronounced increase will be observed in the Asia-Pacific region, followed by Sub-Saharan Africa and Middle East and North Africa. If the war continues, the consequences will exceed 2022/23.

Advertising

Anna Nagarney, a crisis management specialist at the University of Massachusetts Amherst, said Tuesday’s meeting of world leaders was significant and “speaks of growing fear and a growing understanding that the world may be on the brink of starvation.”

Nagrini predicts that countries that have not yet provided clear support for Ukraine – such as China and India – will realize that food insecurity from a protracted war in Ukraine will affect their national stability and the well-being of their citizens.

“This can help further isolate Russia, both morally and economically,” she said.

Deputy Finance Minister Wally Adeimo said on Monday that an international coalition of countries imposing sanctions on Russia and its allies takes the threat to food security seriously.

Advertising

“One of the things we need to do is take practical steps to demonstrate that this system helps the people who need it most,” he said, which includes a focus on those countries that are in need. they are struggling to pay for things like bread for their people in light of rising commodity prices. “

Russia is a member of the G20, which consists of representatives of industrial and emerging markets, but the Finance Ministry said the Russians would not participate in the food security session.

Copyright 2022 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

The Global Finance Summit focuses on the war-torn food insecurity

Source link The Global Finance Summit focuses on the war-torn food insecurity

Back to top button