The U.S. Department of the Treasury announced its plan for the food crisis. More than 193 million people have experienced acute food insecurity.
The IFI Action Plan to Address Food Insecurity was developed by the Asian Development Bank (ADB), the African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), the International Fund for Agricultural Development (IFAD), the Inter-American Development Bank (IDB), the International Monetary Fund (IMF) and the World Bank Group.
The U.S. Treasury says in their announcement:
Their plan will focus on addressing the fertilizer crisis by delivering fertilizer and extension services to more than 20 million farmers and providing financial support to for large-scale procurement of fertilizer to African countries through wholesalers and credit guarantees to aggregators, local input suppliers, and other players along the fertilizer value chain.
According to their announcement, in addition to the fertilizer crisis, they plan to develop land for food production, financing $200 million for sustaining essential food and livelihood-related services to the vulnerable communities, finance investment projects and technical cooperation for over $400 million in 2022 to increase food systems’ resilience, inclusiveness, and productivity, and ensure next season’s production by removing input trade barriers, focusing on more efficient use of fertilizers, repurposing public policies and expenditures to better support farmers
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