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
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Man Convicted of Fraud After Booking Over 120 Free Flights Posing as Flight Attendant
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Hungarian Parliament Approves Citizenship Suspension Law
Prime Minister Orbán Criticizes EU's Ukraine Accession Plans
Hungarian Delicacies Introduced to Japanese Market
Hungary's Industrial Output Rises Amid Battery Sector Slump
President Sulyok Celebrates 15 Years of Hungarian Unity Efforts
Hungary's Szeleczki Shines at World Judo Championships
Visegrád Construction Trends Diverge as Hungary Lags
Hungary Hosts National Quantum Technology Workshop
Hungarian Animation Featured at Annecy Festival
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
UK and EU Reach New Economic Agreement
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Austrian School Shooting Leaves Nine Dead in Graz
Bezos's Lavish Venice Wedding Sparks Local Protests
Europe Prepares for Historic Lunar Rover Landing
Italian Parents Seek Therapy Amid Lengthy School Holidays
British Fishing Vessel Seized by France Fined €30,000
Dutch Government Collapses Amid Migration Policy Dispute
UK Commits to 3.5% GDP Defence Spending Under NATO Pressure
Germany Moves to Expedite Migrant Deportations
US Urges UK to Raise Defence Spending to 5% of GDP
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Low Turnout Jeopardizes Italy's Citizenship Reform Referendum
Transatlantic Interest Rate Divergence Widens as Trump Pressures Powell
EU Lawmaker Calls for Broader Exemptions in Supply Chain Legislation
France's Defense Spending Plans Threatened by High National Debt
European Small-Cap Stocks Outperform U.S. Rivals Amid Growth Revival
Switzerland Proposes $26 Billion Capital Increase for UBS
×