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Montevideo, August 8th 2022 - 06:58 UTC

 

 

IMF chief warns on consequences of the Russia/Ukraine conflict for poorer countries

Saturday, April 2nd 2022 - 09:45 UTC
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“When prices jump, and poor people cannot feed their families, they will be on the streets,” Georgieva said “When prices jump, and poor people cannot feed their families, they will be on the streets,” Georgieva said

IMF chief Kristalina Georgieva fears that the current situation with the Russia/Ukraine conflict could lead to an explosive situation in many of the poor countries with inflated prices, less jobs and overwhelming debts and called for greater global cooperation.

Speaking at the Doha Forum in Qatar, Ms Georgieva hinted that the current situation evoked the lead-up to the 2011 uprisings known as the Arab Spring, when skyrocketing bread prices fueled anti-government protests across the Middle East.

“When prices jump, and poor people cannot feed their families, they will be on the streets,” she said. “One thing we know about trouble in one place, it travels, it doesn’t stay there.”

Georgieva called for greater global cooperation to fill the gaps in commodity and energy supplies.“Work together, oil producers, gas producers and food producers, helping to reduce this uncertainty.” The IMF head underlines Ukraine’s importance as a top wheat exporter in urging a swift resolution to the war.

“The faster the tanks are out, the faster the tractors will be in,” she said. “We need by July the harvest in Ukraine to contribute to the stability of food prices.”

Categories: Economy, Politics, International.

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