The World Bank’s $ 30 billion plan amid the global food crisis

The World Bank's $ 30 billion plan amid the global food crisis

The World Bank says the rise in food prices is having a devastating effect.

Washington:

The World Bank on Wednesday announced an additional 12 billion in funding for projects to address the global food security crisis, bringing the total to $ 30 billion.

Amid growing deficits due to Russia’s aggression in major grain-producing Ukraine, the new funding will fund projects to increase food and fertilizer production over the next 15 months, facilitate greater trade and help vulnerable families and producers, the World Bank said.

“Rising food prices are having a devastating effect on the poorest and most vulnerable,” World Bank President David Malpas said in a statement.

“It is important that countries now make clear statements about future production increases in response to Russia’s invasion of Ukraine.”

The bank has previously announced 18.7 billion in funding for projects over the next 15 months in Africa and the Middle East, Eastern Europe and Central Asia and South Asia.

Russia’s invasion of Ukraine and international economic sanctions on Moscow have disrupted supplies of wheat and other foodstuffs from both countries, and have pushed up fuel and diesel prices, especially in developing countries.

And India has banned wheat exports over the weekend, which has pushed up grain prices.

“Countries should remove policies that increase energy and fertilizer supplies, help farmers plant seedlings and increase crop yields, and hinder exports and imports, divert food to biofuels, or encourage unnecessary storage,” Malpas said.

Washington welcomes the decision, which is part of a joint action plan by multilateral lenders and regional development banks to tackle the food crisis.

“Russia’s war against Ukraine is the latest global shock that has exacerbated both the acute and chronic food insecurity in recent years, driven by conflict, climate change and the economic downturn associated with the Kovid-19 epidemic.” The Department of the Treasury said it applauded the companies for working quickly to resolve the issues.

(This story was not edited by NDTV staff and was automatically generated from a syndicated feed.)

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