World

Governments strive to secure food supplies amid Ukraine invasion

Governments strive to secure food supplies amid Ukraine invasion
Governments worldwide are prepping to face a global food crisis amidst the conflict between Russia and Ukraine, two of the largest suppliers of grains globally.

The ongoing war has sparked panic about soaring prices, food shortages, and the potential ceasing of Russian fertilizers. This has resulted in export restraints from Americans to Asia, while the European Union indicated that it will shift its approach to agriculture policy to enhance food security.

The war on Ukraine, considered to be the breadbasket of Europe, shook the commodities market, and nations responded by hoarding cooking oil and grains, or promoting high-volume harvests.

The Group of Seven nations and the Food and Agriculture Organization of the United Nations are requesting leaders to maintain trade flows, warning that hoarding supplies can soar prices and result in empty shelves in nations relying on imports.

According to Joseph Glauber, a senior research fellow at Washington’s International Food Policy Research Institute, a nation imposing an export ban has a cascading effect on the rest of the world.

Officials of the European Union will have a meeting on Monday to discuss ways to improve food security. The proposals comprise allowing fallow land to be utilized for protein crops and providing aid to the pig-meat sector.

Some nations are planning to move independently. A major exporter, like Bulgaria, assigned government funds to expand its national grains reserve, with plans to buy about 1.5 million tons.

In France, an association of feed producers wants the government to stock the 800,000 tons of grains needed every month in fear that the global requirement of cereals could reduce domestic supplies.

Apart from the bloc, smaller shippers like Serbia and Moldova restrained sales of such crops as sugar or wheat. Arif Husain, the Chief Economist at the World Food Programme considered this as the copycat effect.

The UN Group which is the largest humanitarian organization is trying to reach nearly 140 million people in 2022 but only has around half of the USD 20 billion required.

Source credits: https://www.bloombergquint.com/onweb/food-security-panics-governments-as-ukraine-war-blocks-supplies

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