New Telegraph

IMF, World Bank, others seek urgent action on food security

Heads of the World Bank Group (WBG), International Monetary Fund (IMF), United Nations World Food Programme (WFP) and World Trade Organisation (WTO) have called for urgent action on food security. World Bank Group President, David Malpass, IMF Managing Director, Kristalina Georgieva, WFP Executive Director, David Beasley, and WTO Director General, Dr Ngozi Okonjo- Iweala, in a joint statement released yesterday, ahead of the Spring Meetings of the IMF and World Bank Group next week, said: “The world is shaken by compounding crises.

The fallout of the war in Ukraine is adding to the ongoing COVID- 19 that now enters its third year, while climate change and increased fragility and conflict pose persistent harm to people around the globe. “Sharply higher prices for staples and supply shortages are increasing pressure on households worldwide and pushing millions more into poverty.

“The threat is highest for the poorest countries with a large share of consumption from food imports, but vulnerability is increasing rapidly in middle-income countries, which host the majority of the world’s poor. World Bank estimates warn that for each one percentage point increase in food prices, 10 million people are thrown into extreme poverty worldwide.”

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