Washington, Apr 13 (FN Bureau) The International Monetary Fund (IMF) said on Thursday that a record 345 million people globally are experiencing acute food insecurity and more than 700 million are living in extreme poverty. “A record 345 million people, mainly in low-income countries (LICs), face acute food insecurity, and more than 700 million people are living in extreme poverty,” the IMF said in its Global Policy Agenda report. The IMF also said in the report that about 60% of the population in poor countries and every fourth resident in emerging economies are already at risk of debt distress.
“Rising fragmentation could further entrench these divides by limiting resources to support the vulnerable, thus hampering global trade and investment flows, and delaying urgently needed action on a range of shared challenges, including the climate crisis,” the report said. The IMF called on countries to implement strong policy measures and pragmatic approaches to find areas of common ground to respond to shared challenges. Governments have to safeguard economic and financial stability, and support vulnerable nations by stepping up international financial assistance and debt relief, the report said. The IMF also suggested confronting climate change and investing in a more inclusive and digital future, the report said. The IMF insisted on the necessity of joint action to support the most vulnerable countries.
It is critical to ensure their macroeconomic stability, the report said. “Ending Russia’s war in Ukraine remains the single most impactful action. Overcoming the food crisis and addressing poverty require lifting restrictions on food and fertilizers and mobilizing new concessional support, including through voluntary channeling of Special Drawing Rights (SDRs),” the report said. To reach these and other significant goals, the IMF needs members to agree on the 16th General Review of Quotas by December 15, the report added. In the current context of heightened uncertainty and risks, it is paramount to ensure a strong, quota-based, and adequately resourced IMF, according to the report.