IMF Managing Director Welcomes the Creation of A New Food Shock Window to Help Countries Address Food Insecurity

IMF Managing Director Welcomes the Creation of A New Meals Shock Window to Assist International locations Handle Meals Insecurity

September 30, 2022

Washington, DC:

Ms. Kristalina Georgieva, Managing Director of the Worldwide Financial
Fund (IMF) made the next assertion immediately:

“I’m more than happy to announce that the IMF’s Govt Board immediately
permitted a brand new Meals Shock Window beneath our emergency financing devices,
the

Rapid Credit Facility

and

Rapid Financing Instrument

. The brand new financing window will present extra entry to emergency
financing to international locations which have pressing steadiness of funds wants and are
affected by acute meals insecurity, a pointy meals imports shock, or from a
cereals export shock. The brand new financing window will likely be open for one 12 months.

“For a while now, the mixture of local weather shocks, the pandemic and
regional conflicts has disrupted meals manufacturing and distribution, driving
up the price of feeding individuals and households. Russia’s battle in Ukraine has
pushed the value of meals and fertilizers even greater—hurting meals importers
and a few exporters. Consequently, a meals disaster is spreading across the
globe with a document

345 million

individuals whose lives and livelihoods are in instant hazard from acute meals insecurity.

“The IMF,

working with partner institutions

, is actively contributing to the worldwide response to meals
insecurity, notably by offering coverage recommendation and monetary help.
The newly established Meals Shock Window will present an extra line of
protection after grants and concessional financing. “We now have labored
extensively and expeditiously with our members and workers to finalize the
proposal for the brand new Meals Shock Window. At a time of such want and
struggling, I’m grateful to our membership and proud that the Fund has come
collectively and responded so swiftly. We now have labored with our members to
safe extra channeling of SDRs which will help present assist to
low‑earnings international locations by way of this new meals shock window.

“With this new financing window, the IMF will likely be offering extra
help to assist individuals in susceptible international locations take care of one of many
worst crises of all: starvation”.