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U.S. Treasury Secretary Janet Yellen on Friday urged the Group of 20 major economies to take urgent action to address a short-term food insecurity crisis exacerbated by Russia's war in Ukraine, and to avoid market-distorting export restrictions and stockpiling.
Axar.az reports that Yellen, speaking at a meeting of G20 finance officials in Indonesia, said countries should target fiscal support measures to help those most in need, rather than adopting costly and regressive blanket subsidies.
She also called on G20 members to boost their spending to address existing food security challenges linked to conflict, climate change, and economic shocks from the COVID-19 pandemic that had grown worse due to war-related increases in food, fertilizer, and fuel prices.
Russian President Vladimir Putin was "using food as a weapon of war," she said, citing "the destruction of agricultural facilities, theft of grain and farm equipment, and the effective blockade of Black Sea ports."
Date
2022.07.15 / 15:10
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Author
Axar.az
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