US Treasury Secretary Janet Yellen pointed out in a broadcast on her Twitter account that the US government was working with partners and allies to “help mitigate the effects of Russia’s reckless war on the world’s most vulnerable”.
According to Yellen, rising food prices alone could push at least 10 million people into poverty.
“We know we must avoid export restrictions that could further increase prices,” Yellen told a high-level panel discussion.
The US Treasury Secretary also advocated for the support of the most vulnerable populations with social safety nets and targeted support for smallholder farmers so that they may continue the production.
“We must not lose sight of the need to strengthen longer-term resilience,” Yellen added noting that this latest shock will not be the last.
At a Tuesday morning meeting with leaders from the IMF, World Bank, Group of Seven, and Group of Twenty global organizations, Yellen said she would “call on international financial institutions to accelerate and deepen their response” to countries affected by food issues exacerbated by Russia’s aggression.
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