July 5, 2022

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World Bank to Provide Additional $12 bn to Address Global Food Crisis

The World Bank on Wednesday announced an additional $12 billion in funding for projects to address the

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The World Bank on Wednesday announced an additional $12 billion in funding for projects to address the global food security crisis, bringing the total to $30 billion. Online News

Amid the growing shortages exacerbated by the Russian invasion of Ukraine, a key grain producer, the new funding will finance projects over the next 15 months to boost food and fertilizer production, facilitate greater trade and support vulnerable households and producers, the World Bank said.

“Food price increases are having devastating effects on the poorest and most vulnerable,” World Bank President David Malpass said in a statement.

“It is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine.”

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The bank previously announced $18.7 billion in funding for projects to be implemented over the next 15 months in Africa and the Middle East, Eastern Europe and Central Asia, and South Asia.

Russia’s invasion of Ukraine and international economic sanctions on Moscow have disrupted supplies of wheat and other food supplies from both countries and pushed up fuel and diesel prices, especially in developing nations.

And India over the weekend banned wheat exports, which sent prices for the grain soaring.

“Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage,” Malpass said.

Washington welcomed the decision, which is part of a joint action plan by multilateral lenders and regional development banks to address the food crisis.

“The Russian war against Ukraine is the latest global shock that is exacerbating the sharp increase in both acute and chronic food insecurity in recent years driven by conflict, climate change and economic downturns, such as those associated with the Covid-19 pandemic,” the Treasury Department said, applauding the institutions for working swiftly to address the issues.

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Notes from APS Radio News

During the past few years various countries around the world imposed lockdowns and quarantines reportedly over the narrative of the virus.

The policies resulted in the closure of a number of businesses and enterprises.

In the US, for example, by October 2020, several months after virus-related lockdowns had been imposed, over 100,000 businesses had been shuttered, many permanently.

As well, sanctions imposed against Russia, which is the world’s third largest oil producer, have meant disruptions in the supplies of fuel and wheat.

During the past few years rates of inflation were exacerbated considerably thorugh the means of lockdowns and massive programs of monetary expansion, otherwise known as quantitative easing.

The combination of shortages of various goods and services and rapid and massive increases in the money supply has exacerbated food supplies and the supplies of other commodities.

It was reported earlier today by ANS and by Agence France Presse that the UK’s rate of inflation recently was recorded as being greater than it’s been in over 40 years.

Similar record levels were reported in the US, most recently as last week.

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