A global food crisis is pushing many countries toward famine as hunger levels surpassed all previous records in 2021 as reported by the 2022 Global Report on Food Crises, with close to 193 million people acutely food insecure—nearly 40 million more people than during the previous high reached in 2020. Even prior to 2020, hunger was on the rise due to various factors, including conflict and climate change. The situation was made worse by COVID-19 through reduced incomes and disrupted supply chains and is exacerbated further by the war in Ukraine as Ukraine and Russia account for over a quarter of the world’s annual wheat sales. Price increases of up to 30 percent for staple foods are putting significant pressure on the poorest households, threatening to push millions more into hunger. In addition, higher fuel prices will increase the import costs of oil, worsening external and fiscal balances already strained by the pandemic.
Yet the capacity of governments to help is hugely constrained. Record global debt levels are already directing much needed funding away from food supply, and inflation raises the risks of social unrest, fragility, and conflict. Meanwhile, conflict and insecurity are identified as the main drivers of increased food insecurity, with 60 percent of the world’s undernourished people live in areas already affected by conflict, creating a vicious cycle.
This situation threatens stability and growth, requiring urgent responses, additional support, coordinated action, effective national legislations, and long-term reforms. In this context, the event will gather senior management from the IMF and the World Bank with Members of Parliament to discuss the policy context and priorities, coupled with development initiatives and projects to mobilize the necessary finance to cope with fragility and the current food crisis.
Contacts
Gergana Ivanova, Parliamentary Network: givanova@parlnet.org
Kofi Kafu Tsikata, World Bank Group: ktsikata@worldbankgroup.org
Elizabeth Nicoletti, IMF: enicoletti@imf.org
About the Parliamentary Network
The Parliamentary Network on the World Bank and International Monetary Fund (the PN) is a platform for parliamentarians from World Bank and IMF member countries to advocate for increased accountability and transparency in development cooperation. The PN has over 1000 members in Africa, Asia, Europe, and the Americas, supported by its international secretariat and guided by its Board, currently made up of nine (9) Members of Parliament. The Rt Hon. Liam Byrne MP, UK is the current Chair of the Network. Membership is open to all parliamentarians serving a current mandate.
The PN through its members and events creates a space where parliamentarians can engage with the World Bank and IMF in a transparent manner and participate actively in shaping the international development agenda. Through its work, the Network empowers MPs to take an active part in development programmes and policies of both institutions. Its mission is to provide a platform for knowledge exchange between parliamentarians and the World Bank and IMF with the goal of rendering legislators better equipped to carry out their oversight functions; actively contribute to the work of the World Bank and IMF; and provide informed feedback and invaluable insights to better tailor World Bank and IMF programmes and initiatives to those the institutions aim to serve.
For more information about the World Bank’s parliamentary engagement please click here.