Buzz Update Joint Statement: World Bank Group, IMF, WFP and WTO heads call for urgent coordination TOU

Buzz Update Joint Statement: World Bank Group, IMF, WFP and WTO heads call for urgent coordination

 TOU

Joint Statement: World Bank Group, IMF, WFP and WTO heads call for urgent coordination

Joint Statement: World Bank Group, IMF, WFP and WTO leaders call for urgent coordination on food security

April 13, 2022

  • Proposed measures to help vulnerable countries include providing emergency food supplies and providing financial assistance to households and countries; Facilitating barrier-free trade; Investing in sustainable food production and nutrition security.
  • Leaders called on the international community to support vulnerable countries through grants to cover emergency financing needs.

Washington DC:
World Bank Group Heads
(WBG),

The International Monetary Fund (IMF), the United Nations World Food Program (WFP), and the World Trade Organization (WTO) today called for immediate action on food security. World Bank Group President David Malpas, IMF Managing Director Kristalina Giorgio, WFP Executive Director David Beasley and WTO Director-General Ngoji Okonjo-Ivela released the following joint statement ahead of next week’s IMF and World Bank Group spring meetings:

“The world is in turmoil. The fall of the war in Ukraine is now adding to the ongoing COVID-19 pandemic that has entered its third year, while climate change and increased fragility and conflict continue to cause harm to people around the world. High prices and shortage of supplies for staples are increasing the pressure on households around the world and pushing millions into poverty. The threat is greatest for poor countries that account for the largest share of consumption from food imports, while vulnerability is growing rapidly in the middle-income countries that host the world’s poorest people. World Bank estimates warn that every single percent increase in food prices will push 10 million people worldwide into extreme poverty.

“The rise in food prices has been exacerbated by the unpredictable rise in the price of natural gas, a key ingredient in nitrogen fertilizers. Rising fertilizer prices, along with significant cuts in global supplies, including major producers and exporters who rely heavily on fertilizer imports, have had significant implications for food production in many countries. Rising food prices and supply shocks are fueling social tensions in many affected countries, especially those already vulnerable or affected by conflict.

“We urge the international community to urgently support countries that are harming themselves through coordinated efforts, such as emergency food supplies, financial assistance, increased agricultural production and open trade. We are committed to combining our expertise and financing to rapidly increase our policy and financial assistance to assist vulnerable countries and families, as well as to increase and supply domestic agricultural production in affected countries. We can reduce the balance of payments stress and work with all countries to keep trade flows open. In addition, we will further strengthen our monitoring of food vulnerabilities and rapidly expand our multifaceted policy advice to affected countries guided by the comparative interests of our respective agencies.

“We also urge the international community to support immediate funding, including through grants. This should include providing financial assistance for immediate food supplies, safety nets to meet the needs of the poor and small farmers facing high input costs. We urge all nations to keep trade open and to avoid restrictive measures such as a ban on exports of food or fertilizer, which could exacerbate the suffering of the most vulnerable people. It is important not to impose export restrictions on humanitarian food purchases through the UN World Food Program.

“Providing quick support to food insecure countries in a coordinated manner is crucial. We are ready to work with our multilateral and bilateral partners to assist countries in resolving this urgent crisis.

                <div class="imf-com">
                    <h5>IMF Communications Division</h5>
Media relations

Press Officer: Alastair Thomson

Phone: +1 202 623-7100Email: [email protected]

IMF Representative

    </div>

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