Russia and Ukraine produce 14% of the world's wheat supply and the loss of commodities due to the war has resulted in soaring food prices and uncertainty about the future of food security globally, especially in impoverished countries.
A combine harvests wheat, near Pullman, Wash. Preventing food insecurity globally amid skyrocketing prices driven by the war in Ukraine will be the main topic at the IMF and World Bank Spring Meetings.
Treasury Secretary Janet Yellen was convening a Tuesday morning meeting with leaders from the IMF, World Bank, Group of Seven and Group of 20 global organizations to"call on international financial institutions to accelerate and deepen their response" to countries affected by food issues exacerbated by Russia's aggression, the Treasury Department said.
The U.N.'s Food and Agriculture Organization Food Price Index has made its biggest jump since its inception in 1990, reflecting an all-time high in the cost of vegetable oils, cereals and meat, according to the organization. Anna Nagurney, a crisis management specialist at the University of Massachusetts Amherst, said Tuesday's meeting of global leaders was significant and"speaks to the growing fear and the increasing understanding that the world may be on the verge of a hunger catastrophe."
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