{"id":1449080,"date":"2022-04-21T12:41:56","date_gmt":"2022-04-21T16:41:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1449080"},"modified":"2022-04-21T12:42:01","modified_gmt":"2022-04-21T16:42:01","slug":"world-financial-institution-chief-warns-of-foods-crisis-because-of-russia-ukraine-conflict","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/world-financial-institution-chief-warns-of-foods-crisis-because-of-russia-ukraine-conflict\/","title":{"rendered":"World Financial institution Chief Warns of Foods Crisis Because of Russia-Ukraine Conflict"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fworld-financial-institution-chief-warns-of-foods-crisis-because-of-russia-ukraine-conflict%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1449080&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The <a href=\"https:\/\/www.theepochtimes.com\/t-world-bank\">World Bank<\/a> has warned of a \u201chuman catastrophe\u201d from a <a href=\"https:\/\/www.theepochtimes.com\/t-food-crisis\">food crisis<\/a> that could see millions forced into poverty due to the full-scale invasion launched by Russian forces in Ukraine.<\/p>\n<p>World Bank president David Malpass told the <a href=\"https:\/\/www.bbc.com\/news\/business-61171529\">BBC<\/a> at the IMF-World Bank spring meetings in Washington that record food prices could see\u00a0hundreds of millions of people forced into poverty if the conflict in Ukraine does not come to an end.<\/p>\n<p>\u201cIt\u2019s a human catastrophe, meaning nutrition goes down. But then it also becomes a political challenge for governments who can\u2019t do anything about it, they didn\u2019t cause it and they see the prices going up,\u201d Malpass said.<\/p>\n<p>The World Bank calculates there could be a \u201chuge\u201d 37 percent jump in food prices which will hit the poor the hardest and see them \u201ceat less and have less money for anything else such as schooling,\u201d\u00a0Malpass continued. \u201cAnd so that means that it\u2019s really an unfair kind of crisis. It hits the poorest the hardest. That was true also of COVID.\u201d<\/p>\n<p>Regarding the \u201cbroad and deep\u201d price hikes, the World Bank chief said it was \u201caffecting food of all different kinds of oils, grains, and then it gets into other crops, corn crops because they go up when wheat goes up.\u201d<\/p>\n<p>Both Russia and Ukraine are key\u00a0exporters of grain and supply nearly 30 percent of wheat and nearly 20 percent of corn in the global market.<\/p>\n<p>Food prices were up\u00a0nearly 13 percent in March, the highest on record since 1990, according to the United Nations\u2019 FAO Food Price <a href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\">Index<\/a>.<\/p>\n<p>Meanwhile, the U.N. has previously\u00a0<a href=\"https:\/\/media.un.org\/en\/asset\/k1e\/k1e1glm25j\" target=\"_blank\" rel=\"noopener\">warned<\/a>\u00a0that Ukraine\u2019s food supply chain is \u201cfalling apart\u201d due to Russia\u2019s invasion.<\/p>\n<p>While Malpass noted that there is enough food globally to feed everyone, and stockpiles throughout the world continue to remain large by\u00a0historical standards, the\u00a0World Bank president\u00a0said there would need to be a\u00a0sharing or sales process to ensure that the food goes where it is needed.<\/p>\n<p>He also said there needs to be more of a focus on boosting supplies of fertilizers and food across the world and assisting the poorest of people while discouraging\u00a0countries from subsidizing production or capping prices.<\/p>\n<p>The World Bank chief also warned of a knock-on \u201ccrisis within a crisis\u201d that could occur due to developing countries being unable to service their large debts from the COVID-19 pandemic as they struggle with rising food and energy costs.<\/p>\n<p>The International Monetary Fund <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/04\/19\/imf-md-kristalina-georgieva-remarks-tackling-food-insecurity-the-challenges-and-call-to-action\">said<\/a> on April 19 that 60 percent of low-income countries are at or near \u201cdebt distress\u201d adding that it is open to providing financial assistance to these countries via\u00a0traditional programs or emergency financing.<\/p>\n<p>\u201cThis is a very real prospect. It\u2019s happening for some countries, we don\u2019t know how far it\u2019ll go. As many as 60% of the poorest countries right now are either in debt distress or at high risk of being in debt distress,\u201d\u00a0Malpass said.<\/p>\n<p>\u201cWe have to be worried about a debt crisis, the best thing to do is to start early to act early on finding ways to reduce the debt burden for countries that \u2026 have unsustainable debt, the longer you put it off, the worse it is,\u201d he added.<\/p>\n<p>Malpass\u2019s comments come after the\u00a0White House said last month that it\u00a0<a href=\"https:\/\/www.theepochtimes.com\/white-house-anticipates-global-food-shortage-sparked-by-ukraine-invasion_4352949.html\" target=\"_blank\" rel=\"noopener\">anticipates a global\u00a0food shortage<\/a>\u00a0due to the ongoing conflict in Ukraine which could see\u00a0energy, fertilizer, wheat, and corn prices pushed even higher at a time when inflation levels in the United States have reached their highest in 40 years.<\/p>\n<p>However, Biden administration officials have said the United States is not likely to be impacted by a food shortage.<\/p>\n<p>Meanwhile, David Beasley, the executive director of the United Nations World Food Programme, has warned that the war in Ukraine and\u00a0subsequent global\u00a0food crisis could see an <a href=\"https:\/\/www.theepochtimes.com\/food-crisis-triggered-by-russia-ukraine-conflict-could-see-mass-migration-from-central-america-to-us-un-official_4410388.html\">influx of illegal immigrants attempting to enter the United States.<\/a><\/p>\n<p>Beasley told CBS News\u2019 \u201c<a href=\"https:\/\/www.cbsnews.com\/video\/full-interview-world-food-programme-chief-david-beasley-on-face-the-nation\/\" target=\"_blank\" rel=\"noopener\">Face the Nation\u201d<\/a>\u00a0on April 17\u00a0that\u00a0Russian President Vladimir Putin is using starvation as a \u201cweapon\u201d in various ways, and that the\u00a0U.N. has heard of large numbers of people in central America considering migrating to America as inflation levels in their countries continue to soar, further exacerbated by the situation in Ukraine.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-katabella-roberts\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Katabella Roberts is a reporter currently based in Turkey. She covers news and business for The Epoch Times, focusing primarily on the United States.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank has warned of a \u201chuman catastrophe\u201d from a food crisis that could see millions forced into poverty due to the full-scale invasion launched by Russian forces in<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1449080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1449080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1449080"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1449080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1449080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1449080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1449080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}