The global food crisis, exacerbated by the war in Ukraine, could push 10 million people around the world into poverty, US Treasury Secretary Janet Yellen said on Tuesday, calling on partner countries and US allies and international financial institutions Act.
“At least 10 million people (worldwide) could be pushed into poverty due to rising food prices alone,” she told a meeting hosted by Washington on the sidelines of the IMF’s Spring Meetings. and the World Bank, and notably bringing together ministers from the G7 and G20 countries.
In the short term, “we must avoid export restrictions which could further increase prices”, but also “support the most vulnerable populations with social safety nets and targeted support for small farmers so that they can continue to produce”, detailed Joe Biden’s Minister of Economy and Finance.
International economic institutions called upon to act
In addition, she calls on international economic institutions, such as the International Monetary Fund or the World Bank, to act, because they “are well placed to work with affected countries and partners to develop solutions”.
“We are facing growing global food insecurity”, which “hits the most vulnerable people the hardest – families who already spend a disproportionate share of their income on food”, underlined the minister.
“Furthermore, the interconnectedness of the global food system means that people on all continents are affected,” she added.
Russia responsible for the food crisis
While “conflict, climate change and economic downturns, such as those associated with the pandemic”, had already increased food insecurity, the war in Ukraine is “further exacerbating pre-existing pressures on food prices and supply” , underlined the Secretary of the Treasury. Russia’s actions are responsible for this.
The opening session of this meeting was to bring together the Managing Director of the IMF, Kristalina Georgieva, the President of the World Bank, David Malpass, the President of the International Fund for Agricultural Development (IFAD) – one of the three United Nations agencies in charge of food – Gilbert Houngbo, the Treasury said on Monday.
Experts from the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, IFAD, World Bank and IMF are also scheduled to attend.