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Yellen to Convene Global Food-Crisis Gathering as Costs Surge

Janet Yellen, U.S. Treasury secretary, speaks at American University in Washington, D.C., U.S., on Thursday, April 7, 2022. Yellen outlined a set of broad principles that she believes should guide the creation of a new framework for regulating digital assets, seeking to encourage innovation while protecting consumers, investors and financial stability.

U.S. Treasury Secretary Janet Yellen will convene a meeting of top international financial officials next week to address a global food-security crisis amid warnings of the dire consequences of record price surges caused by Russia’s invasion of Ukraine.

“With over 275 million people facing acute food insecurity, I am deeply concerned about the impact of Russia’s war on food prices and supply, particularly on poor populations,” Yellen said in prepared remarks for an event at the Atlantic Council think tank in Washington Wednesday.

Next week’s food summit will take place in Washington alongside the spring meetings of the International Monetary Fund and World Bank. Participants will include ministers representing the G-7 and G-20, International Monetary Fund Managing Director Kristalina Georgieva and World Bank President David Malpass, according to Treasury spokesperson Alexandra LaManna.

Soaring food prices will contribute to sending more than a quarter-billion more people around the world into poverty this year, charity group Oxfam International warned earlier this week.

Ukraine and Russia are among the top five grain exporters, and the war poses a massive blow to both production and shipments, causing food prices to rise at their fastest pace yet. Several countries, including Egypt, Turkey Bangladesh and Iran buy more than 60% of their wheat from Russia and Ukraine, a United Nations report shows.

The Washington confab will discuss “the urgent response to the ongoing food security crisis that has been severely exacerbated by Russia’s invasion of Ukraine,” LaManna said.


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