Public Management

IMF plans new window for emergency assistance to countries affected by the food crisis

IMF plans new window for emergency assistance to countries affected by the food crisis
Wednesday, 14 September 2022 18:24

The new "food shock window" would allow member countries to borrow additional financing representing up to 50 percent of their IMF quota under the rapid financing instrument.

The IMF executive board reviewed, Monday, a proposal to create a new "food shock window" to provide emergency assistance to countries hard hit by rising food prices.

"The IMF is looking at all options to improve its toolkit, including to help countries affected by the food crisis. The Executive Board has just begun informal discussions on one such proposal: a new food shock window under our emergency financing arrangements," IMF spokesman Gerry Rice (photo) told Reuters.

While disclosing that the IMF has lent more than US$268 billion to 93 countries since the start of covid-19, Rice also said a formal vote in favor of the new proposal is likely before the Fund's annual meetings in October.

The new "food shock window" would allow the IMF to increase financing to countries facing balance of payments problems caused by the food crisis triggered by the war in Ukraine and global inflation following the pandemic. It would temporarily increase funding limits and allow all members to borrow additional funds, representing up to 50 percent of their IMF quota under the rapid financing instrument. 

Food prices have soared since the start of the Russia-Ukraine conflict, partly due to disruptions in supply chains and sanctions against Russia. This rise led to food shortages and increased food insecurity in several countries, particularly in Africa.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Schiba plans to launch a life insurance subsidiary to expand its financial services arm. Côte d’Ivoire’s insurance market grew 10% in 2025, driven by...
EBID project commitments reached $813.77 million, up 83%, with approvals rising 50%. Focused on energy and transport, sectors critical to...
Raised $12.65 million, backed by Firstrand, Standard Bank, Allan Gray and the SA SME Fund Focused on early-stage startups, with first...
Kenya tax revenue rises to 2.038 trillion shillings by March Growth driven by reforms, digitalisation, and stronger compliance Collections...
Most Read
01

EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...

EBID Charts Green Shift to Finance West Africa’s Growth
02

BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...

BCEAO Imposes June 30 Deadline to Complete Instant Payments Integration
03

Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...

Flutterwave Secures Banking License in Nigeria, Joining Push by Fintechs Like Revolut, Wise
04

This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...

Weekly Health Update | Africa Faces Health Supply Risks; DRC Ends Mpox Emergency
05

MTN Ghana completes separation of mobile money into new entity Move aims to boost fintech growth ...

MTN Ghana Completes Mobile Money Spinoff, Creates Standalone Fintech Entity
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.