High food, fertiliser costs to erode reserves of low-income nations: IMF
- Date: 03-Oct-2022
- Source: Zawya
- Sector:Agriculture
- Country:Lebanon
High food, fertiliser costs to erode reserves of low-income nations: IMF
International reserves of low-income countries in the Middle East, Africa and Asia will erode further due to rising food and fertilizer costs, according to the International Monetary Fund (IMF).
The financial toll will reach around $9 billion in the form of additional import bills in 2022 and 2023 for at least 48 countries that are most exposed to food insecurity, the IMF said in a new white paper.
These countries include Lebanon, Syria, Yemen, Sudan, Somalia, Zambia, Ethiopia, Central African Republic, Congo, Nigeria, Afghanistan, Nepal, Bangladesh, Vietnam, Thailand and Sri Lanka, among others.
Russia's war in Ukraine has exacerbated the food insecurity crisis, which has been rising since 2018. The conflict has pushed the prices of food and fertilisers higher, hurting importers and prompting several countries to impose export limits.
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