(USNewsMag.com) – Russia and Ukraine together are often referred to as the “breadbasket of the world” because they supply one-third of the wheat on the global market. Ukraine is also a major supplier of corn as well as sunflower oil, which is used in food processing. The US finance leader is now warning world leaders about a looming food insecurity crisis.
On Tuesday, April 19, Treasury Secretary Janet Yellen spoke to leaders during a meeting about food scarcity with members of the World Bank and International Monetary Fund. She explained the Russian war on Ukraine is making the global food supply issues worse and the crisis is threatening low-income families the most. She went on to explain that because countries are so connected to one another through trade, people on all the continents will feel the impact.
Treasury Secretary Janet Yellen urged world finance leaders to “get concrete” as they look for ways to combat a looming crisis over food insecurity around the globe that the war in Ukraine has made even worse.https://t.co/8m7brMA1kC
— PBS NewsHour (@NewsHour) April 19, 2022
The Treasury secretary warned world leaders to avoid “export restrictions” that could cause more inflation after leaders discussed possibly restricting trade in order to protect their own countries. She explained doing so will hurt the most vulnerable populations first.
Yellen urged world leaders to start coming up with concrete solutions. To that end, they proposed subsidizing small farms around the world and reducing export restrictions, among other things.
Are you concerned about a possible global food crisis? If so, what do you think world leaders should do to address the issues?
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