IMF: Tackling food, payment crisis globally

• Published date: 16 January 2023
• Publication title: Nigeria - The Nation

The International Monetary Fund (IMF) has reiterated its commitment to tackling food crisis and payment challenges facing the global economy.

Its Managing Director, Ms. Kristalina Georgieva, stated this after the IMF's Executive Board approved a new Food Shock Window under its emergency financing instruments, the Rapid Credit Facility and Rapid Financing Instrument.

'The new financing window will provide additional access to emergency financing to countries that have urgent balance of payments needs and are suffering from acute food insecurity, a sharp food imports shock, or from a cereals export shock. The new financing window will be open for one year,' she said.

She continued: 'For some time, the combination of climate shocks, the pandemic and regional conflicts have disrupted food production and distribution, driving up the cost of feeding people and families. Russia's war in Ukraine has pushed the price of food and fertiliser even higher-hurting food importers and some exporters. As a result, a food crisis is spreading around the globe with a record 345 million people whose lives and livelihoods are in...