More than 140 million in Arab world exposed to food insecurity: IMF’s Georgieva – The Peninsula

More than 140 million in Arab world exposed to food insecurity: IMF’s Georgieva – The Peninsula

RIYADH: The International Monetary Fund said on Monday that up to 20 countries, many in Africa, could need emergency assistance to cope with the global food crisis.

IMF Managing Director Kristalina Georgieva, speaking at a conference in Saudi Arabia, also said that 141 million people across the Arab world are exposed to food insecurity.

The IMF on Friday approved a new food shock borrowing window under its existing emergency financing instruments to help vulnerable countries cope with food shortages and high costs stemming from Russia's war in Ukraine.

Georgieva said that 48 countries around the world are particularly exposed to the food crisis.

"Of the 48 countries, about 10-20 are likely to be asking (for emergency assistance)," Georgieva said, adding that "quite a lot of them" are in sub Sahran Africa.

"We are here for you," she promised members at the event.

The IMF will add its voice to fight food trade restrictions in order to ease the situation and plans to fund the food shock window using last year's Special Drawing Rights (SDR) allocations.

Countries across the Middle East region and beyond have stepped in to support states battling high food inflation and shortages made more acute by global geopolitical developments and the growing risk of