{"id":1688975,"date":"2022-10-14T09:04:21","date_gmt":"2022-10-14T13:04:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1688975"},"modified":"2022-10-16T09:19:16","modified_gmt":"2022-10-16T13:19:16","slug":"global-inflation-causing-horrifying-food-insecurity-says-imf-africa-head","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/global-inflation-causing-horrifying-food-insecurity-says-imf-africa-head\/","title":{"rendered":"Global inflation causing \u2018horrifying\u2019 food insecurity, says IMF Africa head"},"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\">20<\/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%2Fglobal-inflation-causing-horrifying-food-insecurity-says-imf-africa-head%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=1688975&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>By Rachel Savage, Marc Jones and Jorgelina do Rosario<\/p>\n<p>JOHANNESBURG\/LONDON (Reuters) -Africa\u2019s central banks are walking a tightrope trying to curb inflation that is mostly out of their control and causing \u201chorrifying\u201d food insecurity, the International Monetary Fund\u2019s Africa head warned.<\/p>\n<p>The IMF\u2019s twice-yearly Regional Economic Outlook released on Friday warned that 123 million people, or 12% of sub-Saharan Africa\u2019s population, face acute food insecurity \u2013 where the lack of access to adequate food puts someone\u2019s life or livelihood in immediate danger \u2013 by the end of the year.<\/p>\n<p>That compares to around 82 million people affected before the COVID-19 pandemic, but the hammer blow of the virus, spillovers from the war in Ukraine as well as worsening unrest and drought in parts of the continent have seen the numbers spiral.<\/p>\n<p>\u201cWhat worries us really is the fact that this is coming on top of all of the dislocation caused by the pandemic,\u201d the IMF\u2019s Abebe Selassie told Reuters this week.<\/p>\n<p>\u201cI was in Chad (in May) and really the conditions that you saw there in terms of food security really are very, very horrifying.\u201d<\/p>\n<p>Ethiopia, Somalia and parts of Kenya are also on track for a fifth failed rainy season, with famine looming in Somalia.<\/p>\n<p>Annual food price inflation in sub-Saharan Africa has stood at over 10% since the second half of 2021 and the IMF\u2019s new economic forecasts this week revised up its regional inflation projection by 2 percentage points to 8.7% for this year.<\/p>\n<p>It also cut the GDP growth forecast by 0.2 percentage points to 3.6%, a significant drop from the 4.7% expansion in 2021, and has said Nigeria, Ghana, Ethiopia, Malawi, and Zimbabwe may all need to raise interest rates faster or more decisively.<\/p>\n<p>\u201cIt\u2019s a delicate balancing act that central banks face,\u201d Selassie said. \u201cInflation is this insidious, insidious tax on the poorest.\u201d<\/p>\n<p>Rapidly rising global interest rates mean that sub-Saharan Africa\u2019s most heavily-indebted countries have effectively lost access to the international capital markets.<\/p>\n<p>That has pushed countries including Ghana to request IMF bailouts and Selassie said work was still ongoing to determine if the West African country now needs debt relief.<\/p>\n<p>Ethiopia, Zambia and Chad, meanwhile, had long been seeking to restructure their debts under the G20 Common Framework initiative established in 2020 in response to the COVID-19 pandemic.<\/p>\n<p>Progress has been painfully slow. Ethiopia\u2019s restructuring has been delayed by ongoing civil war, although IMF managing director Kristalina Georgieva has said this week she hoped both Zambia and Chad\u2019s processes would now be finished by the end of the year.<\/p>\n<p>Chad\u2019s bilateral creditors said late Thursday that the country now did not need debt relief, given the surge in the price of crude oil, one of the country\u2019s major revenue earners. Oil trading and mining firm Glencore, Chad\u2019s largest commercial creditor, declined to comment.<\/p>\n<p>\u201cThe delay from Chad\u2019s creditors in approving much needed debt relief has been really very problematic,\u201d Selassie said in a press conference on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Rachel Savage, Marc Jones and Jorgelina do Rosario JOHANNESBURG\/LONDON (Reuters) -Africa\u2019s central banks are walking a tightrope trying to curb inflation\u2026<\/p>\n","protected":false},"author":66,"featured_media":1889738,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Global inflation causing \u2018horrifying\u2019 food insecurity, says IMF Africa head","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1688975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Global inflation causing \u2018horrifying\u2019 food insecurity, says IMF Africa head","fifu_finder_url":"https:\/\/www.oann.com\/business\/global-inflation-causing-horrifying\/?utm_source=rss&utm_medium=rss&utm_campaign=global-inflation-causing-horrifying","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1688975","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\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1688975"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1688975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889738"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1688975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1688975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1688975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}