US Treasury Secretary Janet Yellen will convene an enlarged meeting today with high-ranking officials to discuss the global response to the ongoing food security crisis, which has been exacerbated by Russia’s war against Ukraine. announcement of the US Treasury Department.
The enlarged meeting will be attended by the heads of the International Monetary Fund (IMF), the World Bank and the International Fund for Rural Development, as well as ministers representing the G7 and G20 countries, with the participation of international technical advisers. financial institutions, according to the same announcement.
US Treasury Department officials are working to ensure that international financial institutions are informed of the root causes of the escalating food instability, including the Russian invasion of Ukraine, to pressure them to speed up their response. state, said an official of the same ministry.
“Minister Glenn is deeply concerned about the implications of Russia’s reckless war in Ukraine for the global economy, including the risk of escalating food insecurity in emerging markets and developing countries around the world,” he said. Ministry of Finance.
Russia, for its part, claims to have been involved in “a special military operation” in Ukraine.
The crisis is hitting emerging markets and developing countries, which are struggling hard to recover from the COVID-19 pandemic, the official said.
A third Treasury Department official said the ministry had not set a specific assistance target for the meeting, adding that officials were analyzing the extent of the problem.
Glenn is expected to warn against export bans, based on lessons learned from the recent global food crisis of 2008, according to the same official, while the US supports securing food production in Africa and elsewhere. are highly dependent on imports.
US Treasury officials will call for further research and innovation to ensure that agricultural production is adapted to climate change, such as high temperatures and drought.
Glenn had announced plans for this meeting last week, noting that more than 275 million people worldwide are facing a sharp deterioration in their food security.
US Treasury officials expect an action plan to be made public after the meeting, in order to draw up a global response to the problem, which is urgently needed, said one of the officials.
The World Bank, the IMF, the UN World Food Program and the World Trade Organization have also called for urgent and coordinated action on food security, urging countries to avoid banning food or fertilizers.
The same organizations point out that the crisis is accompanied by a sharp increase in the cost of natural gas, which is an important factor in the production of nitrogen fertilizers, the cessation of which can threaten the production of food in several countries.
The US Treasury Department’s Office of Foreign Assets Control will reaffirm its commitment this week to the free flow of agricultural products, including humanitarian aid to Russian citizens, despite sanctions imposed on Russia, according to the report. with what a high-ranking American official said.
SOURCE: AMPE
Source: Capital
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