Davos 2022: IMF chief Georgieva urges action on food crisis
25 May 2022 | 4:13 pm
The world is facing its worst food crisis in history. Millions of tonnes of wheat are stuck in Ukraine, worsening an already precarious situation for many countries that depend on exports from the region. IMF Managing Director Kristalina Georgieva tells FRANCE 24 Business Editor Kate Moody that only "very strong international mobilisation" will save the lives of millions of people. Also in our update from Davos: EU member states move towards an embargo on Russian oil, but with no consensus on the timeline.
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Sri Lanka's financial woes have caused severe food and fuel shortages, runaway inflation, and prolonged blackouts. The resulting public outrage forced then-president Gotabaya Rajapaksa to flee the country and resign.
The funds will be used to support post-war reconstruction and Ukraine's path to joining the European Union. Meanwhile, Xi Jinping departed Moscow after a high-profile meeting with Vladimir Putin. DW has the latest.
The International Monetary Fund (IMF) and Kyiv have reached a staff-level agreement for a $15.6 billion loan which should be finalised in the coming weeks.
The West African nation is facing one of its worst economic crises in decades. Soaring inflation is compounding the sufferings of many Ghanaians who now have to dig deeper into their pockets to afford essential goods.
The $5.4 billion set for disbursement brings the total lent to the Latin American country under the Extended Fund Facility to $28.9 billion. Argentina is the target of the IMF's largest assistance program.
IMF predicts five-year economic dip, with low-income countries hardest hit. We look at why the IMF's predicted economic growth of just 3 percent, the lowest forecast since 1990, could hurt developing nations most.
During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies.
Brazilian President Luiz Inacio Lula da Silva has praised the Shanghai-based New Development Bank (NDB) on his trip to China, saying it "frees emerging countries from submission to traditional financial institutions".
More than 900,000 people worldwide are fighting to survive in catastrophic hunger/one step away from famine. This is ten times more than five years ago, an alarmingly rapid increase. An immediate response is needed. The global community must not fail on its promise to end hunger and malnutrition by 2030.
Nigeria's northern states of Adamawa, Yobe and Borno are expected to be hardest hit due to heightened Boko Haram attacks, banditry and kidnappings. Many locals have fled their villages and now live in IDP camps.
The West African nation has been under financial strain stemming from the rolling impact of the pandemic, the war in Ukraine, and a range of other global economic trends.
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