Finance ministers call for response to food, energy shocks caused by war

By Ovunc Kutlu

ANKARA (AA) - Leading finance ministers in a joint statement have called on international institutions to step in to respond to food and energy shocks, particularly in low-income and developing countries, caused by the Russia-Ukraine war.

"Deepening food insecurity caused by Russia’s unprovoked war requires an elevated response to address immediate, short-term pressures as well as increase resiliency in the long-term," US Treasury said in a Joint IMFC and Development Committee Statement on Wednesday.

"Russia’s war against Ukraine (which started on Feb. 24) has imperiled the global recovery from the pandemic and aggravated inflation, with vulnerable populations across the world feeling the effects of steeply rising food prices," it added.

The IMFC is known as the direction-setting body of finance ministers and central bank directors for the International Monetary Fund (IMF).

Countries that are most affected by the war should adjust their targeted fiscal support to protect the most vulnerable people, it said.

"IMF and World Bank partner countries will thus have to work toward multiple goals, including safeguarding the recovery while bringing down inflation, mitigating growing inequality, and laying the foundation for sustainable macroeconomic growth," it added.