In addition to mounting concerns by the international community over the invasion of Ukraine by Russia, the International Fund for Agricultural Development, IFAD, has raised the alarm that the ongoing conflict is already leading to food shortages and high prices in parts of Asia, the Middle East and Africa.
The President of IFAD, Gilbert Houngbo, dropped this warning while expressing concern over the impact of the war on the prices of staple foods, fuel, fertilizer and other ripple effects on the world’s poorest people living in rural areas who cannot absorb the price hikes.
The conflict is leading to surge in the prices of grains, fertilizer and fuels in international markets because the war has severely curtailed shipments from the two countries who jointly contribute to around 25% of world wheat exports and 16% of world corn exports.
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The increase in the price of fertilizer last year alone contributed to a 30% increase in world food prices, there is tendency for the ongoing crisis to further affect the price as a result of Russia being one of the world’s largest suppliers of fertilizer
The IFAD boss said that he agreed with the call by the UN Secretary-General to end the conflict and restore peace as the only solution to avert global catastrophe, adding that hikes are set to cause escalating hunger and poverty, with dire implications for global stability.
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According to Houngbo, IFAD is working with governments, rural communities and other partners to ensure that poor rural people have the resources to keep producing food and be protected from additional shocks.
He added that IFAD will explore ways to step up global support in building resilience of the affected people with focus on interventions like cash transfers, strengthening remittances, setting up savings and loans groups, training and providing subsidies for agricultural enterprises.
