IMF Notes

Global Food Crisis Update: Recent Developments, Outlook, and IMF Engagement

Author/Editor:

Bjoern Rother ; Sebastian Sosa ; Majdi Debbich ; Chiara Castrovillari ; Ervin Prifti

Publication Date:

April 12, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The global food crisis remains a major challenge. Food insecurity fueled by widely experienced increases in the cost of living has become a growing concern especially in low-income countries, even if price pressures on global food markets have softened somewhat since the onset of Russia’s war in Ukraine in February 2022. Targeted assistance to the most vulnerable households combined with policy measures to support trade and agriculture systems, including to better cope with climate shocks, can help countries withstand the fallout of the ongoing food crisis while building longer-term resilience. The IMF, working in close cooperation with other international organizations, has continued to contribute to international efforts to alleviate food insecurity by providing policy advice, capacity development, and financial support through Upper Credit Tranche Arrangements and the new Food Shock Window. New commitments to countries particularly affected by the global food crisis total $13.2 billion since February 2022, of which $3.7 billion has been disbursed as of March 2023.

Series:

IMF Notes No 2023/002

Subject:

Economic sectors Financial crises

Notes:

Fall 2023 Global Food Crisis Update —Recent Developments, Outlook, and IMF Engagement

Frequency:

occasional