In the latest edition of the World Bank Newsletter, a dire report highlights that more than one billion people are on the verge of hunger worldwide. The majority of those affected reside in low and middle-income countries across Africa, Asia, Latin America, and the Middle East.
The Agricultural Market Information System (AMIS) Market Monitor for July 2023 has been quoted, revealing that various factors, including geopolitical tensions endangering the Black Sea Grain Initiative and incidents like the collapse of the Nova Kakhovka dam in Ukraine, have contributed to food shortages in different regions.
The destruction of the ammonia pipeline between Russia and Ukraine, coupled with the extensive flooding resulting from the dam collapse, has disrupted irrigation, impacting over 500,000 hectares of farmland that rely on the reservoir for water supply. This situation has led to water scarcity for crops, potentially reducing agricultural exports from Ukraine.
Moreover, the report highlights high domestic food price inflation globally. Many low, middle, and high-income countries are experiencing double-digit inflation, with Africa, North America, Latin America, South Asia, Europe, and Central Asia being the worst affected regions.
To address the crisis, the World Bank pledged $30 billion over 15 months, with $12 billion allocated to new projects aimed at improving food and nutrition security, reducing risks, and strengthening food systems. These projects encompass various initiatives, such as support for producers and consumers, facilitating increased food and trade inputs, assisting vulnerable households, and investing in sustainable food and nutrition security.
Urgent actions are deemed necessary to mitigate the worsening food and nutrition security crisis. The World Bank emphasizes the need to intervene in hunger hotspots, enhance trade facilitation, improve market functioning, involve the private sector, and implement targeted and efficient subsidy reforms to alleviate the suffering of millions facing starvation.
