Υπ. US Treasury: Putin’s War Leads to Growing Global Food Insecurity

Russia’s war in Ukraine is responsible for exacerbating “already dire” global food insecurity, with price and supply shocks adding to global inflationary pressures, US Treasury Secretary Janet Yellen said today.

Even before the war, more than 800 million people – or 10% of the world’s population – suffered from chronic food insecurity, Jellen said, and estimates showed that only higher food prices could push at least 10 million more people in poverty.

The US secretary of state said in a panel attended by high-ranking officials that countries should avoid export bans that could further increase prices, while strengthening support for vulnerable groups and smallholder farmers, a message that was also underlined by the German minister. Finance Christian Lindner.

“I want to be clear: Russia’s actions are responsible for this,” she said, adding that Washington was working with partners and allies urgently to “help mitigate the effects of Russia’s reckless war on the world’s most vulnerable.”

Speaking on behalf of the G7, Lindner said targeted and coordinated action was needed, but called on all countries to “keep agricultural markets open, not stockpiling and not imposing unjustified export restrictions on agricultural products or nutrients”.

The German minister stressed that the Group of Seven is committed to working with international financial institutions and government agencies to “act flexibly”.

The US Secretary of State underlined Washington’s commitment to adopt basic humanitarian measures and to ensure the availability of food and agricultural products for the benefit of people around the world, while continuing to escalate sanctions and other economic measures against Russia.

He also said that it was crucial to strengthen long-term resilience and called on international financial institutions to help alleviate the global shortage of fertilizers and smooth the supply chain for food and critical supplies.

At the same time, he said, they could increase investment in agricultural capacity and resilience to boost domestic food production.

Indonesia’s Finance Minister Sri Mulgiani Intrawati told attendees that food security would be a key issue at the first meeting of G20 finance officials, warning that rising food and energy prices could “create huge political social upheaval”.

IMF chief Kristalina Georgieva said the food security crisis had put further pressure on 60% of low-income countries with excessive debt and urged China and private-sector creditors to “urgently step up their G20 involvement” in the joint venture. debt management.

“We know hunger is the biggest problem in the world,” he said, adding: “and an emerging crisis is the time to act decisively.”