Joint Statement: The Heads of the World Bank Group, IMF, WFP, and WTO Call for Urgent Coordinated Action on Food Security

The increase in food prices and supply shocks can fuel social tensions in many of the affected countries, especially those that are already fragile or affected by conflict.

World Bank Group Ramps Up Financing to Help Countries Amid Multiple Crises

The World Bank Group has announced that over the coming weeks it will be discussing with its Governors and Board of Executive Directors a 15-month crisis response financing package of around $170 billion to help countries address multiple overlapping crises.

Food and Energy Price Shocks from Ukraine War Could Last for Years

Because of war-related trade and production disruptions, the price of Brent crude oil is expected to average $100 a barrel in 2022, its highest level since 2013 and an increase of more than 40 percent compared to 2021. Wheat prices are forecast to increase more than 40 percent, reaching an all-time high in nominal terms this year. That will put pressure on developing economies that rely on wheat imports, especially from Russia and Ukraine. Metal prices are projected to increase by 16 percent in 2022 before easing in 2023 but will remain at elevated levels.

Remittances to Reach $630 billion in 2022 with Record Flows into Ukraine

Remittances are expected to reach $630 billion in 2022, with record amounts flowing into Ukraine. While officially recorded remittance flows to low- and middle-income countries are expected to increase by 4.2 percent, economies dependent on flows from Russia will see major declines.

A Decade of Stalled Progress on Reducing Global Gas Flaring

Satellite data compiled and analyzed for GGFR’s 2022 Global Gas Flaring Tracker Report shows that 144 billion cubic meters (bcm) of gas was flared at upstream oil and gas facilities last year. Ten oil-producing and flaring countries accounted for three-quarters of all gas flaring, seven of which—Russia, Iraq, Iran, the United States, Venezuela, Algeria, and Nigeria—have remained the top seven consistently over the last ten years.

Event: Scaling up Vaccine Deployment

As global vaccine supplies increase, a key challenge is to ensure that supplies quickly get to where they are needed and, once they are there, countries have the capabilities and resources to get vaccines into arms. The objective of this high-level event on Scaling up Vaccine Deployment was to advance the goal of turning vaccines into vaccinations and bring more clarity about the required actions.