The Fort Worth Press - UN urges Ukraine grain release, World Bank pledges extra $12 bn

USD -
AED 3.673042
AFN 70.72223
ALL 92.599072
AMD 387.699673
ANG 1.801525
AOA 872.636041
ARS 928.11083
AUD 1.527417
AWG 1.8
AZN 1.70397
BAM 1.800788
BBD 2.018268
BDT 117.449912
BGN 1.80187
BHD 0.376768
BIF 2879.714202
BMD 1
BND 1.343271
BOB 6.90741
BRL 5.656104
BSD 0.999558
BTN 83.686837
BWP 13.544122
BYN 3.271304
BYR 19600
BZD 2.014861
CAD 1.38295
CDF 2865.000362
CHF 0.883665
CLF 0.034333
CLP 947.340396
CNY 7.250404
CNH 7.263175
COP 4033.18
CRC 528.506187
CUC 1
CUP 26.5
CVE 101.519127
CZK 23.341604
DJF 177.997938
DKK 6.87404
DOP 59.166912
DZD 134.339091
EGP 48.263969
ERN 15
ETB 57.788837
EUR 0.91975
FJD 2.25895
FKP 0.77056
GBP 0.777122
GEL 2.703861
GGP 0.77056
GHS 15.492335
GIP 0.77056
GMD 67.75039
GNF 8614.466706
GTQ 7.746628
GYD 209.091411
HKD 7.80675
HNL 24.748637
HRK 6.90795
HTG 131.942398
HUF 360.23504
IDR 16304.15
ILS 3.65883
IMP 0.77056
INR 83.74465
IQD 1309.516136
IRR 42105.000352
ISK 138.060386
JEP 0.77056
JMD 156.351282
JOD 0.708704
JPY 153.74504
KES 129.940385
KGS 84.040604
KHR 4100.066293
KMF 454.225039
KPW 900.00035
KRW 1384.870383
KWD 0.30585
KYD 0.833019
KZT 473.514111
LAK 22170.249988
LBP 89514.93946
LKR 302.886607
LRD 195.317104
LSL 18.248239
LTL 2.95274
LVL 0.60489
LYD 4.830215
MAD 9.845499
MDL 17.743198
MGA 4549.388627
MKD 56.737719
MMK 3247.960992
MNT 3450.000346
MOP 8.037659
MRU 39.593768
MUR 46.820378
MVR 15.350378
MWK 1733.297731
MXN 18.459204
MYR 4.657504
MZN 63.899991
NAD 18.248239
NGN 1596.000344
NIO 36.79287
NOK 10.981935
NPR 133.898976
NZD 1.69837
OMR 0.384843
PAB 0.999558
PEN 3.757182
PGK 3.921442
PHP 58.501038
PKR 278.208419
PLN 3.936692
PYG 7569.423984
QAR 3.645997
RON 4.579204
RSD 107.790402
RUB 85.972867
RWF 1314.3599
SAR 3.751623
SBD 8.475946
SCR 13.614743
SDG 586.000339
SEK 10.814304
SGD 1.342604
SHP 0.77056
SLE 22.847303
SLL 20969.503664
SOS 571.228639
SRD 29.001038
STD 20697.981008
SVC 8.746374
SYP 2512.53037
SZL 18.245433
THB 35.903649
TJS 10.595829
TMT 3.55
TND 3.101045
TOP 2.385104
TRY 32.942604
TTD 6.785139
TWD 32.813038
TZS 2698.880377
UAH 41.03869
UGX 3728.086329
UYU 40.24306
UZS 12629.252797
VEF 3622552.534434
VES 36.560866
VND 25315
VUV 118.722038
WST 2.803608
XAF 603.967479
XAG 0.035806
XAU 0.000419
XCD 2.70255
XDR 0.753904
XOF 603.967479
XPF 109.810782
YER 250.350363
ZAR 18.273104
ZMK 9001.203587
ZMW 26.114098
ZWL 321.999592
  • RBGPF

    58.8600

    58.86

    +100%

  • SCS

    0.2000

    14.03

    +1.43%

  • RELX

    0.5400

    46.54

    +1.16%

  • BCC

    5.7500

    141.04

    +4.08%

  • CMSC

    0.1050

    24.19

    +0.43%

  • RIO

    0.7300

    65.06

    +1.12%

  • NGG

    0.9700

    63.62

    +1.52%

  • JRI

    -0.1300

    12.41

    -1.05%

  • GSK

    0.7900

    39.86

    +1.98%

  • BTI

    0.4300

    35.16

    +1.22%

  • AZN

    -0.3900

    78.13

    -0.5%

  • VOD

    0.2000

    9.47

    +2.11%

  • RYCEF

    0.1100

    5.68

    +1.94%

  • BCE

    0.1900

    33.36

    +0.57%

  • CMSD

    0.1550

    24.405

    +0.64%

  • BP

    0.0700

    35.25

    +0.2%

UN urges Ukraine grain release, World Bank pledges extra $12 bn
UN urges Ukraine grain release, World Bank pledges extra $12 bn / Photo: © AFP/File

UN urges Ukraine grain release, World Bank pledges extra $12 bn

The UN warned Wednesday that a growing global food crisis could last years if it goes unchecked, as the World Bank announced an additional $12 billion in funding to mitigate its "devastating effects."

Text size:

Food insecurity is soaring due to warming temperatures, the coronavirus pandemic and Russia's invasion of Ukraine, which has led to critical shortages of grains and fertilizer.

At a major United Nations meeting in New York on global food security, Secretary-General Antonio Guterres said the war "threatens to tip tens of millions of people over the edge into food insecurity."

He said what could follow would be "malnutrition, mass hunger and famine, in a crisis that could last for years," as he and others urged Russia to release Ukrainian grain exports.

Russia and Ukraine alone produce 30 percent of the global wheat supply.

Moscow's invasion of Ukraine and international economic sanctions on Russia have disrupted supplies of fertilizer, wheat and other commodities from both countries, pushing up prices for food and fuel, especially in developing nations.

Before the invasion in February, Ukraine was seen as the world's bread basket, exporting 4.5 million tonnes of agricultural produce per month through its ports -- 12 percent of the planet's wheat, 15 percent of its corn and half of its sunflower oil.

But with the ports of Odessa, Chornomorsk and others cut off from the world by Russian warships, the supply can only travel on congested land routes that are far less efficient.

"Let's be clear: there is no effective solution to the food crisis without reintegrating Ukraine's food production," Guterres said.

"Russia must permit the safe and secure export of grain stored in Ukrainian ports."

US Secretary of State Antony Blinken, who chaired the summit, and World Food Programme head David Beasley echoed the call.

"The world is on fire. We have solutions. We need to act and we need to act now," implored Beasley.

Russia is the world's top supplier of key fertilizers and gas.

The fertilizers are not subject to the Western sanctions, but sales have been disrupted by measures taken against the Russian financial system while Moscow has also restricted exports, diplomats say.

Guterres also said Russian food and fertilizers "must have full and unrestricted access to world markets."

- Ukraine only 'latest shock' -

Food insecurity had begun to spike even before Moscow, which was not invited to Wednesday's UN meet, invaded its neighbor on February 24.

In just two years, the number of severely food insecure people has doubled -- from 135 million pre-pandemic to 276 million today, according to the UN.

More than half a million people are living in famine conditions, an increase of more than 500 percent since 2016, the world body says.

The World Bank's announcement will bring total available funding for projects over the next 15 months to $30 billion.

The new funding will help boost food and fertilizer production, facilitate greater trade and support vulnerable households and producers, the World Bank said.

The bank previously announced $18.7 billion in funding for projects linked to "food and nutrition security issues" for Africa and the Middle East, Eastern Europe and Central Asia, and South Asia.

Washington welcomed the decision, which is part of a joint action plan by multilateral lenders and regional development banks to address the food crisis.

The Treasury Department described Russia's war as "the latest global shock that is exacerbating the sharp increase in both acute and chronic food insecurity in recent years" as it applauded institutions for working swiftly to address the issues.

India over the weekend banned wheat exports, which sent prices for the grain soaring.

The ban was announced Saturday in the face of falling production caused primarily by an extreme heatwave.

"Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage," said World Bank President David Malpass.

C.Dean--TFWP