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Tuesday, May 17, 2022

Ongoing war in Ukraine may create ‘more hunger’, warns IMF chief

The head department of the International Monetary Fund (IMF) gave a warning about the war which is going on in Ukraine, and this is threatful to the world food security following chronologically high inflation.

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The head department of the International Monetary Fund (IMF) gave a warning about the war which is going on in Ukraine, and this is threatful to the world food security following chronologically high inflation.

According to the IMF Managing Director Kristalina Georgieva’, Russia’s invasion contributed to higher food prices not only in the Middle East or in Germany but also worldwide, threatening food shortages specifically in the Middle East and Africa.

As per her Thursday speech that prices of grain and corn are continuously increasing, and leaders across Africa and the Middle East are telling me that supplies are running low. Moreover, food insecurity is a grave concern.

According to the United Nations (UNs), Food and Agriculture Organizations, Middle Eastern countries bought more than 60 percent of their wheat from Russia and Ukraine. Before the war, the two countries accounted for 28 percent of global wheat exports.

But, with the explosion of conflict, the price of wheat has skyrocketed, hitting record highs in March.

Georgiea urged the international community to “act now with a global strategy to strengthen food security.”

“The alternative is dire: greater hunger, poverty, and social unrest — especially for nations that have worked for years to break free from fragility and violence,” she continued.

Georgiea also warned of “the fracturing of the international economy into geopolitical blocs,” citing the West’s harsh sanctions against Russia and China’s support for President Vladimir Putin’s government.

In a world where the war in Europe causes hunger in Africa; where a pandemic can spread across the globe in days and have long-term consequences; and where emissions anywhere mean rising sea levels almost everywhere,” she said, “the threat to our collective prosperity from a breakdown in global cooperation cannot be overstated.”

Georgia called on the world in order to support Ukrainians. It stated that IMF had delivered $1.4 billion as emergency financing so that they could help Ukraine meet its immediate spending needs.

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