The Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, has welcomed the creation of a new Food Shock Window in order to help countries address food insecurity in the future. “A new Food Shock Window has been approved today by the IMF’s Executive Board under our emergency financing instruments, the Rapid Credit Facility and Rapid Financing Instrument,” said Ms. Kristalina Georgieva.
The new financing window will provide additional access to emergency financing to countries that have urgent balance of payments needs. These countries are suffering from acute food insecurity, sharp food import shocks, or cereal export shocks. For one year, the newly opened financing window will remain open. Climate shocks, pandemics, and regional conflicts have disrupted food production and distribution for some time now, increasing the cost of feeding people and families. Globally, 345 million people are at risk of losing their lives and livelihoods as a result of acute food security.