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US Treasury Secretary Janet Yellen is set to meet ministers from industrial nations to address the growing global food crisis caused by the war between Russia and Ukraine.
Yellen would be interacting with leaders of the International Monetary Fund (IMF), World Bank, Group of Seven (G7), and Group of 20 (G20) largest economies, for the next seven days of high-level economic meetings.
Yellen and her deputy, Wally Adeyemo, will engage with leaders of different nations to ensure that countries that rely on wheat and fertilizer exports from Russia and Ukraine don’t face widespread food shortages, reported CNBC.
Ukraine is the world’s fifth-biggest wheat producer, and United Nations' World Food Programme (WFP) buys nearly half of its wheat supplies from the country.
WFP’s emergency coordinator for Ukraine had earlier said at a Geneva media briefing that Ukraine’s food supply chain was falling apart. “Movements of goods have slowed down due to insecurity and the reluctance of drivers,” he said.
The Russia-Ukraine war, rising inflation along with supply-chain pressures have pushed food prices to their highest levels ever. The United Nations Food and Agriculture Organization reported that food prices had shot up 34% from this time last year.
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Inputs from CNBC and UN