image

Yellen to push institutions to scale up response to war-fueled food security crisis

The meeting will include the heads of the International Monetary Fund, the World Bank and the International Fund for Agricultural Development, as well as ministers representing the G7 and G20 countries and technical experts from international financial institutions, it said on Monday.

Treasury officials aim to ensure that international financial institutions are sharing knowledge about the key drivers of rising food insecurity, including Russia’s invasion of Ukraine, and push them to step up the scale and urgency of their response, a senior Treasury official said.

“Secretary Yellen is deeply concerned about impacts that Russia’s reckless war are having on the global economy, including the risk of rising food insecurity in emerging markets and developing countries around the world,” a second senior Treasury official said.

Russia says it is engaged in a “special military operation” in Ukraine.

The crisis was hitting emerging market and developing countries that were still struggling to recover from the COVID-19 pandemic particularly hard, the official noted.

A third senior Treasury official said Treasury had no specific aid target in mind for the meeting, noting that officials were still analyzing the extent of the problem.

Yellen is expected to warn against export bans, drawing on lessons from the last big world food crisis in 2008, the official said, while ensuring efforts to boost food production in Africa and other regions highly dependent on imports.

Treasury officials will also call for continued research and innovation to ensure that agricultural production is adapted to climate change factors such as heat and drought.

Yellen first announced plans for the meeting last week, noting that over 275 million people worldwide were facing acute food insecurity.

Treasury officials expect to release an action plan after the event to help structure the urgently needed global response, one of the officials said.

The World Bank, IMF, UN World Food Program and World Trade Organization have also called for urgent, coordinated action on food security, and appealed to countries to avoid banning food or fertilizer exports.

They said the crisis was compounded by a sharp increase in the cost of natural gas, a key ingredient of nitrogenous fertilizer, which could threaten food production in many countries.

Treasury’s Office of Foreign Assets Control this week will reiterate its commitment to allow the free flow of agricultural goods, including humanitarian aid to the Russian people, despite sweeping sanctions imposed on Russia, a senior official said.

(Reporting by Andrea Shalal and David Lawder; Editing by Andrea Ricci)


Source link

0 0 votes
Article Rating

 
S’abonner
Notifier de
0 Commentaires
Commentaires en ligne
Afficher tous les commentaires
Reset Password

Avertissement sur les risques :

Le trading peut vous exposer à des risques de pertes supérieures aux dépôts et ne convient qu’à une clientèle avisée ayant les moyens financiers de supporter un tel risque. Les CFD sont des instruments complexes et présentent un risque élevé de perte rapide en capital en raison de l’effet de levier. Entre 74 et 89% des comptes de clients de détail perdent de l’argent lors de la négociation de CFD. Vous devez vous assurer que vous comprenez comment les CFD fonctionnent et que vous pouvez vous permettre de prendre le risque élevé de perdre votre argent. Ce site n’est en aucun cas une offre de conseil en investissement ni une incitation quelconque à acheter ou vendre des instruments financiers. Trader le Forex et/ou les CFD’s implique un niveau de risque élevé, et peut ne pas être approprié car vous pouvez subir des pertes supérieures à votre dépôt. L’effet de levier peut être en votre défaveur.

Vous devez être conscient et avoir une compréhension complète de tous les risques associés au marché et au trading. Le site Union-trader.com peut être amené à produire des commentaires d’ordre général, ce qui ne constitue pas des conseils en investissement et ne doit pas être interprété comme tel.

Veuillez recourir aux conseils d’un conseiller financier extérieur. Le site Union-trader.com décline toute responsabilité pour les erreurs, inexactitudes ou omissions et ne garantit pas l’exactitude ou le caractère complet des informations, textes, graphiques, liens ou autres éléments contenus dans cette documentation. Toute information et toute mise à disposition sur le site ont un caractère privé.