Global Food Crisis Update: Recent Developments, Outlook, and IMF Engagement

The global food crisis remains a major challenge, fueled by widely experienced increases in the cost of living. The IMF has continued to contribute to international efforts to alleviate food insecurity by providing policy advice, capacity development, and financial support.
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Volume/Issue: Volume 2023 Issue 002
Publication date: April 2023
ISBN: 9798400238086
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Topics covered in this book

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Economics- Macroeconomics , Economics / General , Industries - Food Industry , Food insecurity , Russia’s war in Ukraine , global inflation , terms of trade shock , international cooperation , open trade , vulnerable households , agricultural production , IMF lending , IMF policy advice , capacity development

Summary

The global food crisis remains a major challenge. Food insecurity fueled by widely experienced increases in the cost of living has become a growing concern especially in low-income countries, even if price pressures on global food markets have softened somewhat since the onset of Russia’s war in Ukraine in February 2022. Targeted assistance to the most vulnerable households combined with policy measures to support trade and agriculture systems, including to better cope with climate shocks, can help countries withstand the fallout of the ongoing food crisis while building longer-term resilience. The IMF, working in close cooperation with other international organizations, has continued to contribute to international efforts to alleviate food insecurity by providing policy advice, capacity development, and financial support through Upper Credit Tranche Arrangements and the new Food Shock Window. New commitments to countries particularly affected by the global food crisis total $13.2 billion since February 2022, of which $3.7 billion has been disbursed as of March 2023.