## Statement by IMF Managing Director Kristalina Georgieva on the publication of the Joint International Financial Institutions Plan to Address Food Insecurity

_IMF News, May 18, 2022_

## Source details

**Canonical URL:** [Statement by IMF Managing Director Kristalina Georgieva on the publication of the Joint International Financial Institutions Plan to Address Food Insecurity](https://www.imf.org/en/news/articles/2022/05/17/pr22158-statement-md-on-joint-plan-to-address-food-insecurity)

## Other formats

- [Markdown version](/en/news/articles/2022/05/17/pr22158-statement-md-on-joint-plan-to-address-food-insecurity/index.md)
- [Structured JSON version](/en/news/articles/2022/05/17/pr22158-statement-md-on-joint-plan-to-address-food-insecurity/index.json)
- [Bundle manifest](/en/news/articles/2022/05/17/pr22158-statement-md-on-joint-plan-to-address-food-insecurity/bundle-manifest.json)

## Bibliographic details
- Published: May 18, 2022

---

### Context and release information
- Press Release No. 22/158
- Date: May 18, 2022
- Issued by: IMF Communications Department
- MEDIA RELATIONS PRESS OFFICER: Nicolas Mombrial
  - Phone: +1 202 623-7100
  - Email: MEDIA@IMF.org
- Social: @IMFSpokesperson
- Convening background: Meeting of International Financial Institutions (IFIs) and global leaders convened by the US Treasury on April 19, titled “Tackling Food Insecurity: the challenges and call to action.”

### Immediate drivers of the crisis
- Russia’s invasion of Ukraine has precipitated serious economic and social consequences around the globe.
- Consequences highlighted:
  - Dangerous food shortages.
  - Sharply higher prices for food, energy, and fertilizers.
  - These pressures occur when countries’ public finances are already stretched from the pandemic and public debt burdens are high.
  - Inflation reaching the highest levels seen in decades.
  - Vulnerable households in low- and middle-income countries are most at risk of acute food insecurity.
  - Historical lesson: hunger often triggers social unrest and violence.

### Lesson from prior crisis and rationale for coordinated action
- Key lesson from the 2007-08 food crisis: the international community needs to take fast and well-coordinated actions to effectively tackle a food crisis.
- Essential coordinated actions identified:
  - Maintaining open trade.
  - Supporting vulnerable households.
  - Ensuring sufficient agricultural supply.
  - Addressing financing pressures.
- Coordination among International Financial Institutions (IFIs) is critical for maximum impact and for quickly alleviating food insecurity, especially for the most vulnerable households in the most vulnerable countries.

### IMF roles and instruments to address food insecurity
- Policy and technical support:
  - Provide policy advice.
  - Provide capacity development assistance.
  - Provide financial support to catalyze and complement financing from other institutions.
- Monitoring and identification:
  - Investing in monitoring capacity to allow for timely identification of countries with the most pronounced financing pressures, especially fragile and conflict-affected states.
- Macroeconomic and social policy work:
  - Working with country authorities on macroeconomic frameworks and policy priorities.
  - Critical focus: assist countries to rapidly improve social safety nets to protect vulnerable households from the imminent threat of hunger.
  - Priority: help members identify ways to safeguard food security without resorting to export restrictions.
  - These policy objectives are reflected in IMF program engagement.
- Financial instruments and financing channels:
  - IMF financial support examples:
    - Moldova (recently augmented to help address the harmful effects of the war) — includes a focus on strengthening social safety nets for vulnerable households.
    - Mozambique — includes a focus on strengthening social safety nets for vulnerable households.
  - Resilience and Sustainability Trust:
    - Will provide affordable longer-term financing for countries facing structural challenges.
  - IMF emergency financing:
    - Countries with acute financing needs could access IMF emergency financing, where appropriate.
  - Intensifying efforts with the World Bank and others to support debt restructurings where needed.

### Joint IFI Plan: priorities and coordinated goals
- The IMF, African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), the World Bank, and the International Fund for Agricultural Development (IFAD) formulated a joint action plan.
- IFI published plan actions to step up, surge, and scale work across six priority goals:
  - (i) support vulnerable people;
  - (ii) promote open trade;
  - (iii) mitigate fertilizer shortages;
  - (iv) support food production now;
  - (v) invest in climate-resilient agriculture for the future;
  - (vi) coordinate for maximum impact.

*International Monetary Fund. Statement by IMF Managing Director Kristalina Georgieva on the publication of the Joint International Financial Institutions Plan to Address Food Insecurity. May 18, 2022.*

---

## Content in this bundle

- **ififsactionplan-finalv5**
  - [ififsactionplan-finalv5 (Markdown version)](/-/media/files/news/press-release/2022/ififsactionplan-finalv5.pdf.md){rel="alternate" type="text/markdown"}
  - [ififsactionplan-finalv5 (PDF)](/-/media/files/news/press-release/2022/ififsactionplan-finalv5.pdf){rel="external" type="application/pdf"}

---

## References

- [https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)
- [Republic of Moldova and the IMF](http://www.imf.org/external/country/MDA/index.htm)
- [Republic of Mozambique and the IMF](http://www.imf.org/external/country/MOZ/index.htm)
- [Russian Federation and the IMF](http://www.imf.org/external/country/RUS/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Moldova](https://www.imf.org/en/Publications/CR/Issues/2022/05/13/Republic-of-Moldova-Ad-Hoc-Review-Under-the-Extended-Credit-Facility-Request-for-517858)
- [Mozambique](https://www.imf.org/en/News/Articles/2022/05/09/pr22145-mozambique-article-iv-consultation-and-ecf)
- [Resilience and Sustainability Trust](https://www.imf.org/en/Topics/Resilience-and-Sustainability-Trust)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2022/05/17/pr22158-statement-md-on-joint-plan-to-address-food-insecurity_