IMF sees worst global food crisis since at least 2008

WASHINGTON—The Ukraine war’s disruptions to grain and fertilizer flows have prompted the worst food security crisis since at least the one following the 2007-2008 global financial meltdown, with some 345 million people now facing life-threatening shortages, the IMF said on Friday. A new IMF paper estimates that the 48 countries most exposed to food shortages face a combined increase in their import bills of $9 billion in 2022 and 2023 due to the sudden jump in food and fertilizer prices caused by Russia’s invasion. This will erode reserves for many fragile and conflict-affected states that already face balance-of-payments problems after a grinding pandemic and rising energy costs, the IMF said. The war has worsened a food crisis that has been growing since 2018, due partly to the increasing frequency and severity of climate shocks and regional conflicts, they said. The Fund called for a rapid increase in humanitarian assistance through the World Food Program and other organizations as well as targeted fiscal measures in affected countries to aid the poor. But it said governments needed to prioritize fighting inflation.