International Monetary Fund Managing Director Kristalina Georgieva joined "Mornings with Maria," Wednesday, warning that the growing food shortage is "dire" as global food insecurity remains a top issue at the World Economic Forum in Davos, Switzerland.
KRISTALINA GEORGIEVA: The situation is indeed very dire. Before the war, already there were parts of the world where agricultural productivity dropped as a result of weather events, the Horn of Africa, but also India, which could modestly put some export for the world if that didn't happen…the war, of course, is horrific in this environment. The fact that Russia has blocked the export of grain from Ukraine translates into hunger and yes, potentially famine in Africa…in parts of the Middle East.
Last week, because of the slowdown in China, primarily some commodity prices dropped. Oil dropped a bit, but food prices continue to go up, up, up. Why? Because of this artificial shortage of grain that is now generated…we do need to address that with a sense of urgency by one, calling for as much as possible openness in exports of food…don’t impose food restrictions…don't buy more food than you need for your own country… And two, by maximizing every increase in agriculture, agricultural productivity in output… the United States, of course, is a country that can do a bit more by producing a bit more.
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