By Andrea Shalal

WASHINGTON, (Reuters) –The World Bank and International Monetary Fund called Wednesday for coordinated, urgent action to ensure food security. They appealed to all countries not to ban food and fertilizer exports.

Leaders of four international institutions issued a joint statement warning of dangers to billions of people around the world from war in Ukraine.

They said that households are feeling the effects of rising staple prices and shortages. The threat is greatest to the poorest countries, but vulnerability was also increasing rapidly in middle-income countries, which host the majority of the world’s poor.

These experts warned that social tensions may increase in some of the countries affected, especially those already at risk or affected from conflict.

Kristalina Georgieva is the IMF’s Managing Director. David Malpass, President of World Bank, and David Beasley, Executive Director of UN World Food Program (WFP), were also present. They made their joint statements ahead of next week’s Spring Meetings of IMF/World Bank.

The rise in food prices could be exacerbated in part by the sharp increase in cost of, an important ingredient of nitrogenous fertiler.

They stated that rising fertilizer prices and significant reductions in global supply have had important consequences for the production of food in many countries. This includes major exporters and producers who heavily rely on imports.

During a speech to the Atlantic Council think-tank, Janet Yellen from the U.S. Treasury expressed serious concerns over the current food security crisis. She noted that more than 275 million people around the world were experiencing acute food insecurity.

According to a Treasury spokesperson, the meeting will include G7 and G20 ministers, as well as officials from IMF, World Bank and International Fund for Agricultural Development (IFAD) as well as technical experts in food security and agricultural issues. According to the spokesperson, the event “will draw attention to all aspects of the food security crisis that is worsening; and mobilize international financial institutions to intensify and accelerate their efforts to help affected countries.”

Yellen stated that she will meet next week with other leaders to discuss potential solutions and stressed the importance of long-term investments in order to fix vulnerabilities in food systems.

Together, they called upon the international community, in a joint statement, to supply emergency food to the most vulnerable countries and boost agriculture production to keep trade open.

They stated that they will increase their financial and policy support for vulnerable households, countries, and to reduce balance of payments pressures.

They appealed to the international community to grant funding and provide other financial assistance for food emergencies to aid the poor and small farmers that are affected by higher input prices.

The World Food Program should not restrict trade or impose restrictions like export bans for food or fertilizer.