World Bank, others warn against global food scarcity.
Written by News Room on April 15, 2022
The World Bank Group (WBG), International Monetary Fund (IMF), World Trade Organisation (WTO) and the United Nations World Food Programme (WFP) have warned of an impending global food crisis, if world leaders do not act fast.
The warning was contained in a communique jointly issued by leaders of the organisations – David Malpass, Kristalina Georgieva, Ngozi Okonjo-Iweala and David Beasley – ahead of the Spring Meetings of the IMF and WBG, which is holding next week.
The statement drew attention to the impact of the geopolitical tensions and full-blown war involving Ukraine and Russia, warning that for every one percentage point increase in food prices, ten million people are thrown into extreme poverty.
While calling on the international community to support helpless and poor nations through grants to cover urgent financing needs, the leaders of the organasations also disclosed efforts they have been making to ease the pressure.
They listed provision of emergency food supplies, deployment of financial support to households and nations, facilitation of unhindered trade, as well as investment in sustainable food production as some of the measures they have taken to support the move for food security.