Four global organizations call for coordinated action on food security amid surging prices, supply shortages

International Monetary Fund (IMF) Managing Director Kristalina Georgieva (L) and World Bank President David Malpass attend a press conference in Washington D.C., the United States, on March 4, 2020. (Xinhua/Liu Jie)

World Bank estimates warn that for each one percentage point increase in food prices, 10 million people are thrown into extreme poverty worldwide.

WASHINGTON, April 13 (Xinhua) -- The heads of four major global organizations on Wednesday called for urgent, coordinated action on food security to help vulnerable countries.

"Sharply higher prices for staples and supply shortages are increasing pressure on households worldwide and pushing millions more into poverty," the heads of the World Bank Group (WBG), the International Monetary Fund (IMF), the UN World Food Program (WFP), and the World Trade Organization (WTO) said in a joint statement ahead of the Spring Meetings of the IMF and WBG next week.

"The threat is highest for the poorest countries with a large share of consumption from food imports, but vulnerability is increasing rapidly in middle-income countries, which host the majority of the world's poor," according to the joint statement issued by WBG President David Malpass, IMF Managing Director Kristalina Georgieva, WFP Executive Director David Beasley and WTO Director-General Ngozi Okonjo-Iweala.

World Bank estimates warn that for each one percentage point increase in food prices, 10 million people are thrown into extreme poverty worldwide.

The four noted that the world is "shaken by compounding crises," with the Russia-Ukraine war adding to the ongoing COVID-19 pandemic. Climate change and increased fragility and conflict are also posing "persistent harm" to people around the globe.

The rise in food prices is exacerbated by a dramatic increase in the cost of natural gas, a key ingredient of nitrogenous fertilizer, according to the statement.

"We call on the international community to urgently support vulnerable countries through coordinated actions ranging from provision of emergency food supplies, financial support, increased agricultural production, and open trade," they said, urging all countries to avoid restrictive measures such as export bans on food or fertilizer.

"We also urge the international community to help support urgent financing needs, including through grants," they added.