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

IMF Notes, April 12, 2023

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

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Bibliographic details

• Authors: Björn Rother, Sebastian Sosa, Majdi Debbich, Chiara Castrovillari, Ervin Prifti
• Published: April 12, 2023
• Series: IMF Notes
• DOI: https://doi.org/10.5089/9798400238086.068

Overview and key findings

• The global food crisis remains a major challenge.
• Food insecurity has been fueled by widely experienced increases in the cost of living and is a growing concern especially in low-income countries.
• 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.

IMF engagement, financial support, and capacity development

• The IMF 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 the $13.2 billion in new commitments, $3.7 billion has been disbursed as of March 2023.

Policy recommendations and measures emphasized

• Provide targeted assistance to the most vulnerable households to mitigate immediate food insecurity.
• Support open trade and strengthen agricultural systems to improve food availability and price stability.
• Implement policies to better cope with climate shocks that affect agricultural output and food supply chains.
• Coordinate closely with other international organizations to amplify policy effectiveness and financial support.

Outlook and considerations

• While global food price pressures have eased somewhat since February 2022, the persistence of cost-of-living increases continues to drive food insecurity, particularly in low-income countries.
• Building longer-term resilience requires combining short-term targeted assistance with structural policies for trade, agriculture, and climate adaptation.

Publication and metadata (selected)

• Authors: Björn Rother, Sebastian Sosa, Majdi Debbich, Chiara Castrovillari, Ervin Prifti
• Publication date: April 12, 2023
• Series: IMF Notes No 2023/002
• Pages: 23
• DOI: https://doi.org/10.5089/9798400238086.068

Source: "Global Food Crisis Update: Recent Developments, Outlook, and IMF Engagement", IMF Notes No 2023/002, April 12, 2023.

Content in this bundle

• Fall 2023 Global Food Crisis Update—Recent Developments, Outlook, and IMF Engagement
  • Fall 2023 Global Food Crisis Update—Recent Developments, Outlook, and IMF Engagement (Markdown version)
  • Fall 2023 Global Food Crisis Update—Recent Developments, Outlook, and IMF Engagement (PDF)
• Global Food Crisis Update—Recent Developments, Outlook, and IMF Engagement
  • Global Food Crisis Update—Recent Developments, Outlook, and IMF Engagement (Markdown version)
  • Global Food Crisis Update—Recent Developments, Outlook, and IMF Engagement (PDF)