Treasury Secretary Janet Yellen warned Wednesday that Russia’s February invasion of Ukraine has produced a sharp increase in food and energy prices that is contributing to a slowdown in growth and creating greater risk of global stagflation.
BONN, Germany—
Her comments came as US and other officials rolled out a multibillion-dollar plan to address the food security problem, a key danger facing an increasingly fragile world economy. The US, several global development banks and other groups collaborated on the effort. The European Bank for Reconstruction and Development, the Inter-American Development Bank, the International Fund for Agricultural Development and the World Bank will also contribute tens of billions in the coming months and years to support food producers and address supply shortage issues.
As part of the effort to address the crisis, Secretary of State Antony Blinken will also convene meetings in New York on the sidelines of the UN over the next two days focusing on food insecurity. The State Department says that in 2021, more than 193 million people worldwide experienced acute food insecurity, an increase of 40 million people from the year before. As many as 40 million are projected to be pushed into poverty and food insecurity by the end of the year.
She added that Treasury was to unlikely to renew a provision, set to expire next week, that has eased Russia’s ability to pay bondholders, furthering tightening financial pressures on Russia’s Vladimir Putin. “In the current situation, such a procedure might take too long. We must secure Ukraine’s solvency now within days, a few weeks,” Lindner said. “As far as rebuilding Ukraine is concerned, for me it is politically conceivable to confiscate assets of the Russian state and use them for rebuilding in Ukraine.”
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