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IMF warns of a global food crisis due to price increases

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The International Monetary Fund (IMF) warned Thursday of a global food crisis due to sharp price increases that have exacerbated food insecurity in much of the world and urged political measures to mitigate its impact.

In a report titled “Facing the global food crisis: impact, policy response, and the role of the IMF”, the international financial organization cited the war in Ukraine, the impacts of climate change and the COVID-19 pandemic as the main factors that have contributed to the increase in prices.

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The IMF lamented that several food exporting countries have taken protectionist measures in the face of shortages, which in turn has further increased price pressures and market volatility.

The financial entity assured that it is a global crisis with special effects on poor countries, particularly in the Sahel and sub-Saharan Africa.

In addition to human suffering, the food crisis has significant economic costs, the report said, which are reflected in countries’ balances of payments, budgets and tax revenues, and nutrition programs.

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To alleviate the situation, the IMF proposed adequately supporting vulnerable households through international humanitarian aid, keeping trade free and open to allow food to go where it is needed, increasing production and improving food distribution, and investing in agriculture that is resilient to change climate.

Since August 15, users of social programs already receive extraordinary additional economic support from the government, in the framework of the world food crisis.

Source: Gestion

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