International Monetary Fund (IMF) Managing Director Kristalina Georgieva is warning of the possibility of dangerous food shortages in many nations. She is counselling that the international community “take fast and well-coordinated actions to effectively tackle a food crisis”.

Among these, she said, were maintaining open trade, supporting vulnerable households, ensuring sufficient agricultural supply, and addressing financing pressures.

In the statement issued midweek, Georgieva stated, “Russia’s invasion of Ukraine has precipitated serious economic and social consequences around the globe. Among them, many countries are now facing dangerous food shortages and sharply higher prices for food, energy, and fertilisers.”

Georgieva noted that the pressures occur at a time when countries’ public finances are already stretched from the pandemic and public debt burdens are high.

She noted, “With inflation reaching the highest levels seen in decades, vulnerable households in low- and middle-income countries are most at risk of acute food insecurity. And history has shown that hunger often triggers social unrest and violence.”

The IMF head said that the body would work together with the heads of other international financial institutions to propose concrete actions, coordinating “between us will be critical for the plan to have maximum impact in quickly alleviating food insecurity, especially for the most vulnerable households in the most vulnerable countries.”

Georgieva stated that, working closely with the World Bank and other international financial institutions, the IMF will provide policy advice, capacity development assistance, and financial support to catalyse and complement financing from other institutions.

She said that the IMF is investing in its monitoring capacity to allow for timely identification of countries with the most pronounced financing pressures, especially fragile and conflict-affected states, which will particularly be affected by food insecurity.

“The IMF is working with country authorities on macroeconomic frameworks and policy priorities. A critical area of focus is to assist countries in their efforts to rapidly improve social safety nets to protect vulnerable households from the imminent threat of hunger. Helping members identify ways to safeguard food security without resorting to export restrictions has been another priority. These policy objectives are reflected in the IMF’s programme engagement. IMF financial support for Moldova (recently augmented to help address the harmful effects of the war) and Mozambique , for instance, includes a focus on strengthening social safety nets for vulnerable households,” Georgieva stated.

She said that the IMF will also bring to bear its new Resilience and Sustainability Trust, which will provide affordable longer-term financing for countries facing structural challenges, while countries with acute financing needs could access IMF emergency financing, where appropriate. The IMF is intensifying efforts with the World Bank and others to support debt restructurings where needed.”