Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Biden Price Hikes: U.S. Treasury Secretary Yellen to meet with top finance ministers to address global food crisis

Biden Price Hikes: U.S. Treasury Secretary Yellen to meet with top finance ministers to address global food crisis

Treasury Secretary Janet Yellen will meet with global ministers to address a food crisis caused by sanctions against Russia.
Treasury Secretary Janet Yellen will this week meet with ministers from the globe’s leading industrial nations to address a growing international food crisis caused by Russia’s invasion of Ukraine.

Yellen and her deputy, Wally Adeyemo, are set for a packed agenda across seven days of high-level economic meetings that kicks off Monday in Washington with leaders of the International Monetary Fund, World Bank, Group of Seven and Group of 20 largest economies.

The pair plans to use the IMF and World Bank spring meetings to discuss how the U.S. and its allies can work together to ensure that countries that rely on wheat and fertilizer exports from Russia and Ukraine don’t face widespread food shortages thanks to the European war.

“Secretary Yellen is deeply concerned about impacts that Russia’s reckless war are having on the global economy, including the risk rising food insecurity in emerging market and developing countries around the world, particularly as which are still struggling to recover from the pandemic,” a senior Treasury official told reporters Monday morning.

“The secretary believes the Russian invasion of Ukraine has demonstrated the need for the world’s largest economies to stand together to defend international order and protect peace and prosperity,” the official added.

IMF leader Kristalina Georgieva, World Bank President David Malpass and Gilbert Houngbo, president of the International Fund for Agricultural Development, each plan to attend at least some portion of the weeklong flurry of meetings.

Yellen will also hold a closed-door meeting with the prime minister of Ukraine, Denys Shmyhal. The Treasury Department said the two plan to talk over the Biden administration’s support for Kyiv and efforts to hobble the Russian economy, but did not offer further details.

The economic summit comes a week after the United Nations warned in a memo that Russia’s assault on Ukraine sparked a “perfect storm” of disruptions to global food, energy and financial markets that “threatens to negatively affect the lives of billions of people around the world.”

The U.N. memo also noted that Russia and Ukraine produce about 30% of the Earth’s wheat and barley and provide the majority of the wheat bought by 36 countries. Many of those include some of the poorest nations on Earth, the report said.

Russia and its ally, Belarus, also export roughly 20% of the world’s fertilizers, threatening the globe’s agricultural production.

Thanks to the war and supply-chain pressures caused by the Covid-19 pandemic, food prices are at the highest levels ever recorded by the United Nations Food and Agriculture Organization, up 34% from this time last year.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
×