Global finance meeting focuses on war-driven food insecurity

The growing crisis over food insecurity and escalating food costs is taking center stage as members of the International Monetary Fund and World Bank prepare to meet in WashingtonBy FATIMA HUSSEIN and PAUL WISEMAN Associated PressApril 19, 2022, 4:45 AM – 3 minutes readShare to FacebookShare to TwitterEmail this articleWASHINGTON– Global finance leaders are putting the growing crisis over food insecurity and increasing food costs at center phase as members of the International Monetary Fund and World Bank fulfill in Washington and grapple with the brutal results of Russias war versus Ukraine.Treasury Secretary Janet Yellen was convening a Tuesday early morning conference with leaders from the IMF, World Bank, Group of Seven and Group of 20 worldwide organizations to “call on worldwide monetary organizations to speed up and deepen their action” to countries impacted by food concerns intensified by Russias aggressiveness, the Treasury Department said.Russia and Ukraine produce 14% of the worlds wheat supply, according to the United Nations, and the loss of commodities due to the war has resulted in skyrocketing food costs and uncertainty about the future of food security worldwide, particularly in impoverished countries.The U.N.s Food and Agriculture Organization Food Price Index has actually made its greatest jump considering that its creation in 1990, reflecting an all-time high in the cost of vegetable oils, cereals and meat, according to the organization.A late March report from the company specified that the international number of undernourished people might increase by 8 million to 13 million individuals into 2023, “with the most pronounced boosts taking place in Asia-Pacific, followed by sub-Saharan Africa, and the Near East and North Africa.”This may assist to further isolate Russia both morally and financially,” she said.Deputy Treasury Secretary Wally Adeyemo said Monday that the global coalition of countries enforcing sanctions on Russia and its allies takes the food security risk seriously.”Russia is a member of the G-20, which is made up of representatives of emerging-market and commercial countries, but Treasury said that Russians would not be taking part in the session on food security.