The rise in international food prices, a consequence of the russian invasion gives Ukrainecould push more than 10 million people into poverty, warned US Treasury Secretary Janet Yellen on Tuesday (19).
During an event at Treasury headquarters in Washington, Yellen said that rising prices and imbalances in supplies in the food sector pose a risk of worsening the already precarious situation of the world’s poor.
“Early estimates suggest that at least 10 million more people could be pushed into poverty just by rising food prices,” the secretary said in her speech.
“The war has worsened an already serious situation. The impact of prices and supplies is already materializing, which increases global inflationary pressures, creates risks for external balances and undermines the recovery after the pandemic. Russia’s actions are responsible for this,” he pointed out.
Yellen gave her remarks just as the World Bank (WB) and the International Monetary Fund (IMF) hold their respective spring meetings (autumn in Brazil). In that vein, he suggested that Washington-based lenders could provide aid to vulnerable people, boost investment in agriculture, and order supply chains to address critical needs such as fertilizers.
She also suggested that the G20, whose economy ministers meet on Wednesday, could use a tool first launched during the 2008 global financial crisis to increase investment in agriculture and help the world’s poor. .
“We have a strong international system and we have to work together now,” he stressed.