Online Media Briefing Center (OMBC) news for accredited journalists
Highlights
Record high food prices have triggered a global crisis that will drive millions more into extreme poverty, magnifying hunger and malnutrition, while threatening to erase hard-won gains in development. This brief looks at rising food insecurity and World Bank responses to date.
World Bank Group commitments (including short-term finance, mobilization and Recipient-Executed Trust Funds) rose to $115 billion in fiscal year 2022, $5.3 billion or 5% higher than FY21. A significant portion of the FY22 commitments supported measures addressing the impact of global overlapping crises, food insecurity, increasing fragility and conflict as well as climate change.
Over the past months, much of the world’s attention has shifted to Russia’s invasion of Ukraine and the risks it poses to global supplies of energy and food. We are simultaneously facing many other crises. ... As a result, attention has been diverted from Covid, and the demand for vaccines has slowed down.
The World Bank Group welcomes the Statement of the Creditor Committee for Zambia that was issued today under the Common Framework for Debt Treatments beyond the DSSI. The statement describes the Creditor Committee’s commitment to provide long-term debt relief that matches the Zambian authorities’ ambitious fiscal and structural reforms.
Some additional 2 million people will benefit from a second phase of the West Africa regional Food Systems Resilience Program (FSRP-2) approved today for a total amount of $315 million in International Development Association (IDA*) financing.
The 2022 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) will take place in person from Monday, October 10, through Sunday, October 16 in the IMF and World Bank Group headquarters, in Washington DC. Registration will open in mid-August.
