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

ByBjörn Rother, Sebastian Sosa, Majdi Debbich, Chiara Castrovillari, Ervin Prifti

April 12, 2023

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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.

Subject: Economic sectors, Financial crises

Keywords: agricultural production, capacity development, Food insecurity, global inflation, IMF lending, IMF policy advice, international cooperation, open trade, Russia’s war in Ukraine, terms of trade shock, vulnerable households

Pages:
23
Volume:
2023
DOI:
https://doi.org/10.5089/9798400238086.068
Issue:
002
Series:
IMF Notes No 2023/002
Stock No:
INSEA2023002
ISBN:
9798400238086
ISSN:
2957-4390

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Notes

Fall 2023 Global Food Crisis Update —Recent Developments, Outlook, and IMF Engagement

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