US, banks unveil plan to ease food crisis from Russia’s war

Mgn 1280x720 01123b00 HyraiBONN, Germany (AP) — The U.S., several global development banks and other groups have unveiled a multi-billion dollar plan to stave off a worldwide food security crisis worsened by Russia’s war in Ukraine, a key danger facing an increasingly fragile world economy.

Treasury Secretary Janet Yellen is warning that high prices are having “stagflationary effects” that are slowing growth globally.

Treasury announced Wednesday that several global development banks are “working swiftly to bring to bear their financing, policy engagement, technical assistance” to prevent starvation prompted by the war, rising food costs and climate damage to crops.

Tens of billions will be spent supporting farmers, addressing the fertilizer supply crisis, and developing land for food production, among other issues.

Categories: National News