Treasury Secretary to meet with top finance ministers to address global food crisis
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Janet Yellen, U.S. Treasury secretary, gives a speech at the Atlantic Council in Washington on April 13, 2022 about the state and potential future of the U.S. economy and the global economy.
Leah Millis | Reuters
Treasury Secretary Janet YellenTo address the international crisis of food due to Russia’s invasion in Ukraine, Ministers from leading industrial nations will be meeting this week.
Wally Adeyemo is her deputy and Yellen are well-prepared for a seven-day packed schedule of economic meetings. The meeting begins Monday in Washington and will continue through the seventh day. It includes leaders from the International Monetary Fund and World Bank as well as members of Group of Seven and Group of 20 biggest economies.
They plan to meet at the IMF/World Bank spring meeting to talk about how America and its allies can collaborate to make sure that Ukraine and Russia don’t suffer widespread food insecurity due to European war.
According to a Treasury senior official, “Secretary Yellen is very concerned about Russia’s reckless warfare on the global economy,” he said Monday to reporters.
The official stated that the Russian invasion in Ukraine had shown the necessity for world’s biggest economies to unite to protect international order, peace and security.
Kristalina Georgieva from the IMF, David Malpass (World Bank President), and Gilbert Houngbo (President of the International Fund for Agricultural Development) each have plans to attend at most a part of the hectic weeklong meeting.
Yellen will meet with Denys Shmyhal, the Prime Minister from Ukraine. Although the Treasury Department stated that the two would discuss Biden’s support for Kyiv, and the efforts to slow the Russian economy in general, it did not give any details.
A week ago, the United Nations sent a warning memo to warn that Russia was attacking Ukraine. This summit came a week later. a “perfect storm” of disruptions to global foodFinancial and energy markets, which “threatens” to adversely affect billions of people all over the globe.
U.N. Memo also stated that Russia and Ukraine account for about 30% of all the world’s wheat production and are responsible for the bulk of 36 nations buying wheat from them. The report stated that many of these include the most poor nations in the world.
Russia, its allies Belarus and China also export around 20% of the fertilizers worldwide. This poses a serious threat to global agriculture production.
Food prices have risen 34% in the last year due to war and the supply-chain tensions created by the Covid-19 epidemic.
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